Existing home sales declined 1% in September 2024, according to the latest data from the National Association of Realtors (NAR). While three U.S. regions experienced a drop, the West saw some growth.

The median price for existing homes continued its upward trajectory, reaching $404,500 — a 3.0% increase from the previous year. However, this figure remains slightly below the peak recorded in June 2024.

NAR’s chief economist, Lawrence Yun, remarked: “Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” He added, “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

Inventory of existing homes has improved significantly, rising 23% from the previous year to 1.39 million units. This translates to a 4.3-month supply at the current sales pace. In addition, homes remained on the market for an average of 28 days in September, up from 21 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 September 2024, Florida recorded a total of 26,389 sales transactions across properties of all types, a year-over-year decline of 14.6%. Closed sales of existing single-family homes were down by 12.3%, while existing condo-townhouse sales dropped by 20.7%.

The recent hurricanes did have a impact of the market. According to Florida Realtors Chief Economist Dr. Brad O’Connor,  “…the National Hurricane Center was remarkably consistent in its forecasting of Helene, and the cone largely focused in on the Big Bend area the entire time, keeping the worst of Helene off the highly populated West Coast of the peninsula,” he explained. “That allowed the real estate market in much of the peninsula and the western Panhandle to essentially operate in a close-to-normal fashion as the storm approached.”

Closed Sales

In Florida, the number of closed sales transactions saw a year-over-year dropped by 14.6%. Transaction volume of 26,389 units is a sharp contrast from the 38,197 units closed in May 2024.

Median Sales Prices

After an extended phase of year-over-year increases, the median sale price declined for the second month in a row. Median priced dropped slightly by 0.1% year-over-year to $379,727. This figure is also 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 September, rising 48.4% year-over-year to 162,670 units.

Specifically, single-family home inventory grew by 39.6%, while townhomes and condominiums saw a more significant increase of 65.3%.

The South Florida Housing Market

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

During the month of September, the market experienced a 16% decline in closed sales year-over-year, totaling 5,214 units.  The total value of homes sold declined by 14% to $3.8 billion.

The median price for homes across all categories climbed by 6.5% to $490,000, 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 4% year-over-year, with 3,103 closed sale transactions taking place during the month of September. The total dollar volume of sales experienced a slight 1.2% decline to $1.5 billion.

Year-over-year, the median home price for all types of properties rose by 1.4% to $401,000, 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 56% increase from the previous year. New listings remained flat across the Orlando metro area.

The Tampa Bay Housing Market

Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 22% year-over-year, to 3,728 units. Dollar volume also declined by 26% to $1.7 billion.

The median home price across all property types dropped by 2.6% to $370,000, well below the recent high of $390,000.

Active inventory levels also continue to improve, up 53% year-over-year with 18,527 homes across currently available for sale.  New listings across the metro area were dropped by double digits to 5,584 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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