“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.
October 2024 market data reports. Click on the following links for more information.
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