Last month, closed sales of existing single-family homes statewide in Florida totaled 26,252, marking a slight year-over-year decline of 0.5%. Existing condo-townhouse sales amounted to 10,415, reflecting an 8.6% drop compared to May 2023. Closed sales can occur from 30 to over 90 days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor observed that May’s housing data appears to be "a continuation of the same trends we’ve seen in recent months."
"New listings of single-family home listings were up by 15.2% in May, which was the lowest year-over-year increase we’ve reported this year – outside of a less-than-8% increase in March," he said. "For townhouses and condos, new listings grew by 13.8% year-over-year in May – also the second-lowest increase reported for this property type category in 2024."
The statewide median sales price for single-family existing homes in May was $426,581, representing a 1.6% rise over May 2023, according to data from the Florida Realtors Research Department in partnership with local Realtor boards/associations. The median price for condo-townhouse units last month was $330,000, up 1.5% from the previous year.
"While sales growth remains sluggish, with new listings still climbing compared to a year ago, inventory levels are still rising at the statewide level," said Dr. O’Connor. "Now noted – we are seeing a decent amount of variation at the county level and even within several counties when we drill down to the zip code level. Some parts of the state, like most of South Florida, still have inventory levels below what was typical from, say, 2014 through 2019 leading up to the pandemic.
"Other areas of the state – particularly suburban and exurban areas on the fringes of other large metros like Tampa-St. Pete, Orlando and Jacksonville – are seeing inventory levels above pre-pandemic levels. Nothing quite like what occurred in 2008 or 2009 but still notable. These are the areas where we might expect price growth to be slowing down the most in the coming months."
On the supply side of the market, inventory (active listings) rose year-over-year: Single-family existing homes were at a 4.4-months’ supply in May while condo-townhouse inventory was at a 7.2-months’ supply.