Closed sales of existing single-family homes statewide totaled 23,353, up 5.2% year-over-year, while existing condo-townhouse sales totaled 8,364, down 1.2% over July 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30 to 90-plus days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor pointed out that at the end of June there was a sizeable amount of pending inventory, especially in the single-family home category, which could indicate that closed sales of existing single-family homes would rebound this month.
“And yes, that’s what happened,” he said. “The increase wasn’t enough to offset the decline in single-family closed sales in June, but it was still positive. And while we came up a little bit short in the townhouse and condo category, July’s 1.2% year-over-year decline in closed sales there is far more preferable than what we saw the previous month.”
The statewide median sales price for single-family existing homes in July was $416,990, basically the same (up 0.5%) as a year ago, while the statewide median price for condo-townhouse units was $315,000, down 1.3% from July 2023. The median is the midpoint; half the homes sold for more and half for less.
O’Connor pointed out: “Over on the supply side of things, new listings of single-family homes remained in line with what we would have expected in the pre-pandemic market, but there were 10.7% more new listings this July compared to last year’s unusually low count. Meanwhile, 13.8% more townhouses and condos came onto the market in July compared to a year ago.
“The inventory of single-family homes continues to rise but over the last three months this growth has slowed as each month has passed. I’d caution however that this slowdown may be in part just a seasonal effect. Townhouse and condo inventory levels are now above where they were during the 2014 to 2019 pre-pandemic post-Great Recession period. However month-over-month inventory growth has flattened out over the past two to three months.”
On the supply side of the market single-family existing homes were at a 4.6-months’ supply in July 2024 while condo-townhouse properties were at a 7.4-months’ supply.
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