In November, Florida's housing market experienced a decline in the sales of existing single-family homes and condo-townhouse units. According to data from the Florida Realtors Research Department, in collaboration with local Realtor boards and associations, closed sales for single-family homes reached 17,095, marking a 3.5% decrease compared to the previous year. Similarly, condo-townhouse sales totaled 6,002, reflecting a significant drop of 15.6% from November 2023.
The median sales price for single-family existing homes was recorded at $410,700 in November, showing a slight decline of 0.6% from $413,000 a year earlier. For condo-townhouse units, the median price fell by 5.8%, standing at $311,000 compared to $330,000 in November of the previous year.
Dr. Brad O’Connor, Chief Economist at Florida Realtors, highlighted a notable increase in new listings and pending sales post-hurricane. He stated that "new pending sales were up strongly year-over-year for single-family homes (+12.6%), after falling by 8% in October." Dr. O'Connor pointed out that this rise represents "the most year-over-year growth we’ve seen since April 2021."
However, Dr. O’Connor advised caution by suggesting that "this is mostly a post-hurricane rebound," with activities typically occurring in October being delayed to November due to hurricane impacts. He added that any genuine momentum would likely be reflected in December's figures.
On the supply side of the market last month, Florida had an increased inventory with a 4.8-month supply of single-family existing homes—a rise of 29.7% from the previous year—and an 8.2-month supply for condo-townhouse units—up by 64%.