Last month, closed sales of existing single-family homes statewide totaled 23,183, down 11.1% year-over-year, while existing condo-townhouse sales totaled 8,339, down 20.5% over June 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. For the second quarter of 2024, statewide existing single-family home sales totaled 74,117, down 2.2% from the same period in 2023. Statewide existing condo-townhouse sales totaled 28,982 for the quarter, marking a decline of 9.2% year-over-year.
Florida Realtors Chief Economist Dr. Brad O’Connor indicated that next month's data might present a different picture with potentially better year-over-year figures for closings in July but noted uncertainty remains: “It would be tough to say for sure if we’ll exceed last July’s totals."
O’Connor elaborated on pending inventory for June: “If we look at pending inventory for June – that is, the number of properties that were under contract as of the end of the month – we can see that the gap between last year and this year is quite close for single-family homes (-2.5%), indicating we could see similar numbers of closed sales in the next month or two,” he said. He cautioned that these under-contract homes must go through closing to affect final figures.
The statewide median sales price for single-family existing homes in June was $427,000, up 1.7% compared to June 2023. The median price for condo-townhouse units was $324,900—essentially unchanged from a year ago.
For the second quarter of 2024, Florida’s single-family median sales price was $428,000—an increase of 2.4% compared to the same quarter a year ago; meanwhile, the condo-townhouse median price rose by 1.5%, reaching $330,000.
O’Connor also highlighted a slowdown in inventory growth due to weaker new listings: “Year to date, new listings of single-family homes for sale are up over 16%, but in June they were only up by 6% compared to a year ago,” he said. “New listings of townhouses and condos are up by over 19% year-to-date but were only up by 4.6% in June.”
On the supply side of the market, single-family existing homes had a supply level equivalent to four and a half months both in June and during Q2 of this year; condo-townhouse properties had a seven-and-a-half-months' supply during both periods.