Florida Realtors Chief Economist: Nov. saw a post-hurricane rebound for new listings, new pending sales. New listings, single-family up 7.2%; condos, up 5.4%.
ORLANDO, Fla. — In November, Florida’s housing market had more new listings and higher inventory levels (active listings) compared to a year ago, while statewide median sales prices continued to ease, according to Florida Realtors®’ latest housing data.
“Homebuyers who have been waiting on the sidelines are seeing more opportunities now and more for-sale options available,” said 2024 Florida Realtors President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “New listings were up 7.2% for existing single-family homes year-over-year while new listings for condo-townhouse units were up 5.4% – this is encouraging news for buyers. Home prices are easing, and it appears mortgage interest rates continue to hover at levels lower than they were a year ago, which increases affordability.”
Last month, closed sales of existing single-family homes statewide totaled 17,095, down 3.5% year-over-year; existing condo-townhouse sales totaled 6,002, down 15.6% over November 2023, according to data from Florida Realtors Research Department in partnership with local Realtor® boards/associations.
The statewide median sales price for single-family existing homes in November was $410,700, down 0.6% from $413,000 one year earlier. For condo-townhouse units, the median price was $311,000, down 5.8% from $330,000 in November 2023. The median is the midpoint; half the homes sold for more, half for less.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The story for November is the post-hurricane rebound for new listings and new pending sales. New pending sales were up strongly year-over-year for single-family homes (+12.6%), after falling by 8% in October. That increase, 12.6%, is the most year-over-year growth we’ve seen since April 2021, which was +64% at that time, because we were comparing it to early in the pandemic in April 2020.”
“However, on a cautionary note, I think this is mostly a post-hurricane rebound, with market activity that would otherwise have occurred in October being pushed into November,” he said. “But if there’s real momentum here, it may show up in the December figures.”
On the supply side of the market, Florida had a 4.8-month supply of single-family existing homes last month, up 29.7% year-over-year. For condo-townhouse units, the state had an 8.2-month supply in November, up 64% year-over-year.
To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the November 2024 data report PDFs under Market Data.
© 2024 Florida Realtors®
©Florida Realtors®
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