Closed sales of existing single-family homes in Florida reached 24,756 in May, marking a 5.7% decrease compared to the previous year. Existing condo-townhouse sales also fell by 19.9% from May 2024, totaling 8,345. The data was released by Florida Realtors Research Department in collaboration with local Realtor boards and associations.
The median sales price for single-family existing homes was $415,000 last month, reflecting a 2.7% decline from the prior year. Meanwhile, the median price for condo-townhouse units dropped by 6.1% to $310,000.
Florida Realtors Chief Economist Dr. Brad O’Connor highlighted that May's decline in single-family home prices marked the third consecutive monthly year-over-year drop but noted it was less severe than April's decrease. "But there is a clear divergence from last year’s price levels starting to emerge," he said.
O'Connor further explained that despite the recent declines, prices are still significantly higher than in early 2022 and remain 54% above their level in 2020. However, only 13 out of Florida’s 22 metropolitan areas experienced a fall in single-family home prices.
For condos and townhouses, price erosion began in July of last year and continued through May. O'Connor stated that "statewide median prices for condo and townhouse units are still 54% higher than in 2020." He noted more uniformity at the local level with declines observed in 19 out of Florida's 22 metros.
Inventory levels have risen since early 2022, leading to some expected price weaknesses across both property categories. O’Connor commented on this trend: “We’ve been chronicling the expansion of Florida’s inventory of homes for sale since early 2022."
The report indicated a significant increase in active listings with inventory rising by 28.8% year-over-year for both property types compared to May last year. Single-family homes had a supply of 5.6 months while condo-townhouse units were at a supply of 10.3 months.