Florida Home Sales And Prices Begin To Stabilize

WRE News October 21, 2023

Buyer

Florida Home Sales And Prices Begin To Stabilize

Existing single-family home sales in Florida during the third quarter of this year totaled 66,450, according to new data from Florida Realtors. This is down 3.2% from one year earlier. Statewide existing condo-townhouse sales during the third quarter totaled 26,129, down 5.8% year-over-year.

For September, closed sales of existing single-family homes statewide totaled 21,335, up 6.1% year-over-year, while existing condo-townhouse sales totaled 8,387, down 0.2% over September 2022.

“In September, closed sales of single-family homes were up for the first time compared to a year ago, rising by over 6%,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Closed sales of townhouses and condos in 2023 have been converging with their 2022 levels as well. We were still down in September year over year, but by a fraction of 1%.”

During the third quarter, Florida’s single-family median sales price was $414,000, a 1% uptick from one year ago, while the quarter’s condo-townhouse median sales price was $320,545, a 5.8% year-over-year increase.

In September, the statewide median sales price for single-family existing homes was $409,243, up 1.3% from $403,880 one year earlier. For condo-townhouse units, the median price was $324,990, up 5.8% from $307,250 recorded in September 2022.

On the supply side of the market, Florida had a 3.2-month supply of single-family existing homes in September, a 28% year-over-year increase. For condo-townhouse units, the state had a 4.1-month supply in September, for a 78.3% year-over-year increase.

“So far in 2023, new listings have been at their lowest level in several years, but in recent months, the level of new listings has been a little closer to pre-pandemic levels than it was earlier in the year,” said O’Connor. “In fact, new single-family listings in September exceeded the number of new listings in the same month in 2019 (pre-pandemic) for the first time this year. The same is also true if we compare this September’s new listings to those of last year, amounting to a year-over-year increase of 8%.”


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