In April, Florida’s housing market experienced a rise in inventory and a decrease in median prices. The closed sales of existing single-family homes statewide reached 23,572, marking a 4.5% decline compared to the previous year. Similarly, sales of existing condo-townhouse units totaled 8,710, reflecting a 14.8% drop from April 2024.
Dr. Brad O’Connor, Chief Economist for Florida Realtors, noted an increase in the number of single-family homes listed for sale in Florida’s Multiple Listing Services (MLSs) by 2.7% compared to the previous year. He stated that this indicates homeowners are adjusting their expectations regarding mortgage rates: “That’s the smallest year-over-year increase for new listings that we’ve seen so far this year, but it’s still a sign that a rising number of homeowners who were waiting for mortgage rates to fall before selling have become resigned to the idea that rates may not be going down to the levels they originally hoped – at least not any time soon.”
The affordability issue remains significant across the state as Dr. O’Connor explained: “Closed sales of single-family homes fell 4.5% in April compared to a year ago and are now down a little under 3% for the year overall.”
Data from Florida Realtors Research Department shows that the statewide median sales price for single-family existing homes was $412,734 last month, which is a decrease of 4% from the previous year. For condo-townhouse units, the median price was $315,000—a reduction of 6%.
“As long as mortgage rates stay about where they are now,” said O’Connor, “we should continue to expect some price erosion in most markets around the state.” However, he added that if mortgage rates decrease closer to 6%, there could be increased buyer competition.
On supply matters, new listings for existing single-family homes rose by 2.7% over April last year while new listings for condo-townhouse units decreased by 2%. Regarding condos specifically, O’Connor pointed out challenges including high mortgage and insurance rates and rising association fees: “Condos continue to face all of the demand-weakening factors that have impacted the single-family home market like high mortgage and insurance rates…”
Inventory levels also saw an increase with active listings indicating a supply of 5.6 months for single-family homes and 10.3 months for condo-townhouse properties.
