According to the latest data from the National Association of Realtors (NAR), existing home sales improved by 2.9% from the previous year during the month of October. This is the first year-over-year increase since July 2021.
The median price for existing homes continued its upward trajectory, reaching $407,200 — a 4.0% increase from the previous year. This marks 16th consecutive months of year-over-year gains.
NAR’s chief economist, Lawrence Yun, remarked: “The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions” He added, “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
Inventory of existing homes continues to improve, rising 19.1% from the previous year to 1.37 million units. This translates to a 4.2-month supply at the current sales pace. In addition, homes remained on the market for an average of 29 days in October, up from 23 days during the same period in 2023.
Individual investors and second-home buyers accounted for 17% 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 October 2024, Florida recorded a total of 26,135 sales transactions across properties of all types, a year-over-year decline of 9.8%. Closed sales of existing single-family homes were down by 5.6%, while existing condo-townhouse sales dropped by 20%.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “Along with a renewed strengthening of the mortgage rate lock-in effect, Hurricanes Milton and Helene likely had a bigger impact on new listings of homes for sale in October,” he explained. “New listings of single-family homes fell by 10.3% year-over-year but were still up 9.5% for the year to date. Meanwhile, new listings of townhouses and condos, were down 9.5% compared to a year ago, but were up 12% for the year.”
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year dropped by 9.8%. Transaction volume of 26,135 units is a sharp contrast from the 38,197 units closed in May 2024.
Median Sales Prices
Based on the trend over the past six months, median prices appear to have stabilized. The median price increased slightly by 0.8% year-over-year to $383,000. This figure is below the all-time high recorded in June 2024 of $393,990.
Active Inventory
Active inventory in Florida across all property types continued its upward trend in October, rising 38.4% year-over-year to 166,011 units.
Specifically, single-family home inventory grew by 31.0%, while townhomes and condominiums saw a more significant increase of 52.2%.
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 October, the market experienced a 11% decline in closed sales year-over-year, totaling 5,479 units. The total value of homes sold declined by 1.5% to $4.3 billion.
The median price for homes across all categories climbed by 8.9% to $500,000, compared to the same period last year.
September continued the trend of increasing inventory levels. Overall inventory was up 61% to 41,538 units.
The Greater Orlando Housing Market
The Orlando housing market for existing homes sales was declined by 8.8% year-over-year, with 2,885 closed sale transactions taking place during the month of October. The total dollar volume of sales experienced a 4.7% decline to $1.4 billion.
Year-over-year, the median home price for all types of properties rose by 2.5% to $409,998, below of the all-time high of $415,000.
The number of existing-homes on the market for sale continued to show a significant rise, marking a 49% increase from the previous year. New listings slightly lagged across the Orlando metro area, down 3.1%
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 16% year-over-year, to 3,758 units. Dollar volume also declined by 17% to $1.7 billion.
The median home price across all property types dropped by 1.4% to $375,000, well below the recent high of $390,000.
Active inventory levels also continue to improve, up 35% year-over-year with 18,017 homes across currently available for sale. New listings across the metro area were dropped by 22% to 54,942 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.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only and are not intended to be legal, financial or tax advice. The information contained herein is not a substitute for professional legal, financial or tax consultation and should not be relied upon for any legal, financial, or tax matters. If you require legal, financial or tax assistance, please consult with a qualified attorney, financial or tax professional who can provide guidance tailored to your specific situation.
