Closed sales of existing single-family homes in Florida reached 22,707 in July, marking a 2.8% decrease compared to the same month last year. Sales of existing condo-townhouse units totaled 7,381, an 11.8% decline from July 2024. These figures were reported by the Florida Realtors Research Department in collaboration with local Realtor boards and associations.
New pending sales for single-family homes also dropped slightly by 0.7% in July. Florida Realtors Chief Economist Dr. Brad O’Connor said this modest decrease may be linked to recent mild drops in mortgage rates due to weaker labor market data. “This may reflect the mild downward movement in mortgage rates that has accompanied weaker labor market data in recent weeks,” he said. “Interest rates on 30-year fixed-rate mortgages have been closer to 6 1/2% than 7% as of late. There is a lot of latent demand waiting for home purchases, if only affordability could improve enough. While we may still have a way to go for that, July’s decline in new pending sales is certainly an improvement over our 2.3% decline for the year overall. Over in the condo and townhouse category, new pending sales were down by 6.3%, but that is drastically better than the nearly 12% decline we've seen year-to-date.”
The median sale price for single-family homes statewide was $410,000 last month, down by 1.7% from a year earlier. The median price for condos and townhouses stood at $295,000, which is a drop of 6.3%. Dr. O’Connor commented on these trends: “Despite this being the fifth consecutive month we've seen year-over-year declines in the statewide single-family home median prices,” O’Connor said, “July marked the smallest drop in percentage terms among those months – and for the year overall, the single-family median price is also down by the same amount, 1.7%. So, it doesn’t appear that price declines are accelerating at a statewide level for single-family homes.
As for condos and townhouses, he noted, “July represents the fourth straight month we've seen at least a 6% year-over-year decline in median price, but it was an improvement over June's drop of 7.7%. Still, price declines in these recent months have been larger than what we saw early in the year, which is why the year-to-date median price in this category is down a little over 4.5% compared to a year ago.”
Inventory levels increased across both property types during July: single-family homes had a supply equivalent to about five and a half months of sales activity while condo-townhouse inventory represented almost ten months’ supply.
“The relatively abundant amount of inventory we have in both property type categories indicates we still don’t have enough prospective buyers relative to sellers to push prices upward,” O’Connor said. “For buyers who can afford to purchase in the current market, this gives them a sizable advantage in price negotiations. Now, this could change as prices and/or interest rates continue to come down – as a lot of sidelined buyers who would love to purchase a home if only the market was a little more affordable would be unlocked and able to compete with the buyers that are already in the market.
He added that fewer new listings recently are giving sellers somewhat more leverage over buyers than earlier this year.