(MENAFN- PR Newswire)
ORLANDO, Fla., Nov. 21, 2024 /PRNewswire/ -- Florida's housing market in October reported higher inventory levels (active listings) and easing statewide median prices compared to a year ago, according to Florida Realtors®' latest housing data.
"With more inventory available now and home price increases slowing, it's a positive sign for homebuyers, who are seeing more opportunities to enter the market," said 2024 Florida Realtors President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. "Mortgage interest rates are lower than they were a year ago, too, which helps boost affordability."
Last month, closed sales of existing single-family homes statewide totaled 18,671, down 5.6% year-over-year; existing condo-townhouse sales totaled 6,499, down 19.9% over October 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 October was $415,000, up 1.2% from $410,000 one year earlier. For condo-townhouse units, the median price was $315,000, down 2.2% from $321,990 in October 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, Hurricane Milton caused significant coastal damage in Florida, from Tampa Bay down well to the south along the Gulf Coast. While inland areas were spared from catastrophic winds due to Milton's weakening ahead of making landfall on Oct. 9, the storm still caused widespread power outages throughout the western I-4 corridor, including in the Orlando area.
"Along with a renewed strengthening of the mortgage rate lock-in effect, Hurricanes Milton and Helene likely had a bigger impact on new listings of homes for sale in October," O'Connor said. "New listings of single-family homes fell by 10.3% year-over-year but were still up 9.5% for the year to date. Meanwhile, new listings of townhouses and condos, were down 9.5% compared to a year ago, but were up 12% for the year.
"While the rate of new listings coming onto the market was already slowing ahead of the storms, the year-over-year declines in October were a sizeable jump – and very likely, related to the unique pattern of events that unfolded throughout the month."
On the supply side of the market, Florida had a 4.7-month supply of single-family existing homes last month, up 34.3% year-over-year. For condo-townhouse units, the state had a 7.7-month supply in October, up 67.4% 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 October 2024 data report PDFs under Market Data .
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at .
SOURCE Florida Realtors
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE?
440k+
Newsrooms &
Influencers
9k+
Digital Media
Outlets
270k+
Journalists
Opted In
GET STARTED
MENAFN21112024003732001241ID1108911728
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.