The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes declined by 0.7% in May 2024, reaching a seasonally adjusted annual rate of 4.11 million units.
The median price for existing homes continues to rise. At $419,300, it is a 5.8% increase compared to the previous year and is the highest price ever recorded.
Lawrence Yun, the chief economist at NAR, commented, “Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months”. He further stated, “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
The inventory of existing homes saw a 18.5% improvement from last year, totaling 1.08 million units. Given the current sales rate, the market has a 3.1-month supply of homes available. Homes stayed on the market for an average of 18 days in May.
Investors and buyers of second homes accounted for 16% of all home sales during the month.
The Florida Housing Market
As of the end of May 2024, Florida saw a total of 38,197 sales transactions across properties of all types, a year-over-year decline of 2.7%. Closed sales of existing single-family homes were down slightly (-0.5%), while existing condo-townhouse sales dropped by 8.6%.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, the most recent market trends continue. He states, “New listings of single-family home listings were up by 15.2% in May, which was the lowest year-over-year increase we’ve reported this year – outside of a less-than-8% increase in March”.
The median sale price maintained its upward year-over-year trend. For the month of May, the median sale price reached $390,000. This is a 1.3% rise from the previous year and just below the time high for the state of Florida
2024 continues to show a significant increase in active inventory. At the close of the month, there were 162,452 units on the market, representing a 64.4% increase from the year before.
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year decrease of 2.7% with a three-month trend of increasing sales. Transaction volume of 36,498 units still represents a decline from the May 2023 peak, which recorded 39,267 transactions.
Median Sales Prices
After experiencing a rapid run-up from January 2021 to May 2022, the median sale price for homes in Florida remains fairly stable. As of May 2024, the median sale price across all property types was $390,000, up 1.3% year-over-year.
Active Inventory
Active inventory in Florida across all property types continue to trend higher in May 2024, up 71.4% on a year-over-year basis to 162,452 units, reaching a level not seen since 2019.
The South Florida Housing Market
Year-over-year, the South Florida market for existing homes is seeing persistent growth in median sales prices while the number of sales transactions declined.
May experienced a 5.0% decline in closed sales from the previous year, totaling 7,607 units. The total value of homes sold rose by 5.2% to reach $6.3 billion, a reflection of the ongoing increase in home prices.
The median price for homes across all categories climbed by 8.2% to $500,000, compared to the same period last year.
May continued the trend of increasing inventory levels. Overall inventory was up 62% to 38,593 units, with a 15% increase in new listings.
The Greater Orlando Housing Market
The Orlando housing market for existing homes saw another increase. There were 3,899 closed sales during the month of May, down 3.1%. The total dollar volume of sales experienced a 0.4% increase, reaching $1.9 billion.
Year-over-year, the median home price for all types of properties rose by 1.5% to $409,945, a new all time high.
The number of existing-homes on the market also showed a significant rise, marking a 65% increase from the previous year. Additionally, the Orlando metro area witnessed a 25% surge in new listings.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined slightly by 0.1% year-over-year, to 5,980 units. Dollar volume improved by 4.8% to $2.9 billion due to increasing home sale prices.
The median home price across all property types rose by 3.6% to $383,384. This amount is still below the recent peak in May 2022 of $385,000.
Active inventory levels have improved, up 84% year-over-year with 17,668 homes across currently available for sale. New listings across the metro area were up 18% with new pending sales down by 5.1%.
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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