According to the latest data from the National Association of Realtors (NAR), existing home sales improved by 2.2% from the previous year during the month of December. Year-over-year sales were 9.3%, showing another strong gain in buyer demand.

The median price for existing homes continued its upward trajectory, reaching $404,400 — a 6.0% increase from the previous year. This marks 18th consecutive months of year-over-year gains.

NAR’s chief economist Lawrence Yun indicated that home sales momentum is building, stating “Home sales in the final months of the year showed solid recovery despite elevated mortgage rates”. Further indicating, “home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months.”

Inventory of existing homes continues to improve, rising 16.2% from the previous year to 1.15 million units. This translates to a 3.8-month supply at the current sales pace. In addition, homes remained on the market for an average of 35 days in November, up from 29 days during the same period in 2023.

Individual investors and second-home buyers accounted for 16% of all home sales in September, while foreclosures and short sales represented just 2% of the total.

The Florida Housing Market

During the month of December 2024, Florida recorded a total of 28,948 sales transactions across properties of all types, a year-over-year increase of 8.3%.

Closed sales of existing single-family homes were up 12.8% during the month, but down by 1.9% for the year (2024). Condominiums sales declined by 0.5% during the month and were also down by 10.5% year-to-date.

According to Florida Realtors Chief Economist Dr. Brad O’Connor, “Overall, the 2024 Florida housing market saw mostly modest declines in sales and little change in the way of home prices”. Further stating “Even though there were some fluctuations in mortgage rates, they remained in the high range relative to recent years. The most significant changes occurring in 2024 were the widening performance gap between the single-family market and the condo and townhouse market and the overall rise in inventory levels.”

Closed Sales

In Florida, the number of closed sales transactions saw a year-over-year increase in December by 8.3%. However, transaction volume of 28,948 units is a sharp contrast from the 38,197 units closed in May 2024.

Closed sales on homes over $1 million also increased, up by 10.9% year-over-year.

Median Sales Prices

Based on the trend over the past six months, median prices appear to have stabilized. The median price was up slightly by 0.7% year-over-year to $382,528. However, this figure is below the all-time high recorded in June 2024 of $393,990.

The median sale price on homes over $1 million was also fairly stable, up 3.4% year-over-year.

Active Inventory

Active inventory in Florida across all property types continued its upward trend in December, rising 33.2% year-over-year to 170,305 units.

Specifically, single-family home inventory grew by 27%, while townhomes and condominiums saw a more significant increase of 42.8%.

The South Florida Housing Market

Year-over-year, the South Florida market continues to see moderate growth in median sale prices while experiencing a slowing in the rate of sale transactions.

During the month of December, the closed sales declined by 1.1% year-over-year, totaling 5,363 units.  The total value of homes sold increased by 17% to $4.3 billion.

The median price for homes across all categories continued to climb, up 8.7% year-over-year to $500,000.

December continued the trend of increasing inventory levels.  Overall inventory was up 42% to 44,080 units, approaching a level not seen since 2019.

The Greater Orlando Housing Market

Existing homes sales in the Orlando housing market increased by 12% year-over-year, with 3,220 closed sale transactions taking place during the month of December. The total dollar volume of sales also increased by 13% to $1.5 billion.

Year-over-year, the median home price for all types of properties rose by 1.3% to $405,000, slightly below of the all-time high of $415,000.

The number of existing-homes on the market for sale continued to rise, marking a 36% increase from the previous year. New listings slightly lagged across the Orlando metro area, down 0.5%

The Tampa Bay Housing Market

Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA increased by 16% year-over-year, to 4,588 units. Dollar volume also increased by 13% to $2.2 billion.

The median home price across all property types improved by 0.5% to $377,000, below the recent high of $390,000.

Active inventory levels continue to increase, up 30% year-over-year with 18,030 homes across currently available for sale.  New listings across the metro area improved by 19% to 4,907 units.

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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