According to the latest data from the National Association of Realtors (NAR), existing home sales improved by 4.8% from the previous year during the month of November. Year-over-year sales was 6.1%, the largest gain since June 2021.
The median price for existing homes continued its upward trajectory, reaching $406,100 — a 4.7% increase from the previous year. This marks 17th consecutive months of year-over-year gains.
NAR’s chief economist Lawrence Yun indicated that home sales momentum is building, stating “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”
Inventory of existing homes continues to improve, rising 17.7% from the previous year to 1.33 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 32 days in November, up from 25 days during the same period in 2023.
Individual investors and second-home buyers accounted for 13% 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 November 2024, Florida recorded a total of 23,980 sales transactions across properties of all types, a year-over-year decline of 7.3%.
Closed sales of existing single-family homes were down by 3.5% during the month and 3.1% year-to-date. Condominiums sales also declined, down 15.6% during the month and 11.2% year-to-date.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The story for November is the post-hurricane rebound for new listings and new pending sales. New pending sales were up strongly year-over-year for single-family homes (+12.6%), after falling by 8% in October. That increase, 12.6%, is the most year-over-year growth we’ve seen since April 2021, which was +64% at that time, because we were comparing it to early in the pandemic in April 2020.”
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year dropped by 7.3%. Transaction volume of 23,980 units is a sharp contrast from the 38,197 units closed in May 2024.
Closed sales on homes over $1 million also declined, down by 8.0% 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 down slightly by 0.8% year-over-year to $382,000. 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 0.2% year-over-year.
Active Inventory
Active inventory in Florida across all property types continued its upward trend in November, rising 34.1% year-over-year to 172,710 units.
Specifically, single-family home inventory grew by 26.9%, while townhomes and condominiums saw a more significant increase of 46.1%.
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 November, the closed sales declined by 12% year-over-year, totaling 4,585 units. The total value of homes sold declined by 3.5% to $3.5 billion.
The median price for homes across all categories continued to climb, up 8.7% year-over-year to $500,000.
November continued the trend of increasing inventory levels. Overall inventory was up 45% to 44,842 units, approaching a level not seen since 2019.
The Greater Orlando Housing Market
The Orlando housing market for existing homes sales declined by 2.6% year-over-year, with 2,661 closed sale transactions taking place during the month of November. The total dollar volume of sales was down 0.4% to $1.3 billion.
Year-over-year, the median home price for all types of properties rose by 2.5% to $409,999, below of the all-time high of $415,000.
The number of existing-homes on the market for sale continued to rise, marking a 39% increase from the previous year. New listings slightly lagged across the Orlando metro area, down 2.2%
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 6.5% year-over-year, to 3,723 units. Dollar volume also declined by 11% to $1.7 billion.
The median home price across all property types dropped by 0.7% to $375,000, below the recent high of $390,000.
Active inventory levels continue to increase, up 27% year-over-year with 18,434 homes across currently available for sale. New listings across the metro area improved by 11% to 6,462 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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