Fla.'s Housing Market: New Listings, Median Prices Up in Nov.

ORLANDO, Fla., Dec. 20, 2023 /PRNewswire/ -- Florida's housing market reported more new listings and higher statewide median sales prices in November compared to the previous year, according to Florida Realtors^®' latest housing data.

"November brought some welcome news for Florida homebuyers, as mortgage rates started to ease and the inventory (active listings) of for-sale properties increased statewide," said 2023 Florida Realtors^® President G. Mike McGraw, a broker-associate with LPT Realty in Orlando. "The inventory for existing single-family homes rose 13.9% last month, while the inventory for condo-townhouse units increased by 49.8%. It means more housing options are now available for buyers who may have been discouraged during previous home searches."

Last month, closed sales of existing single-family homes statewide totaled 17,722, up 4.2% year-over-year, while existing condo-townhouse sales totaled 7,108, a slight rise of 0.3% over November 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

"Lately, prospective buyers in Florida have seen an increasing number of choices in their home searches," said Florida Realtors Chief Economist Dr. Brad O'Connor. "The number of new listings was uncharacteristically low at this time last year, but over the last couple of months, we've seen the level of new listings move back into the range of recent norms. New listings of single-family homes in Florida were up by 15.3% in November compared to a year ago. And over in the townhouse and condo category, new listings were up even more, rising by 25.9%."

He added, "With these significant increases in new listings compared to a year ago outpacing the very modest increase in sales over the same timeframe, inventory levels continued to rise in Florida. In fact, the current trajectory of inventory growth is such that we may be back at pre-pandemic levels of single-family inventory as soon as the end of the year. At this time in 2019, Florida was still experiencing a single-family inventory shortage – just not nearly as severe as what we faced after the pandemic began. Inventory gains in the condo-townhouse category last month were significant, as well."

The statewide median sales price for single-family existing homes in November was $413,000, up 3.3% from one year earlier. For condo-townhouse units, the median price was $330,000, up 7.5% from a year earlier.

Florida had a 3.7-months' supply of single-family existing homes last month, up 32.1% year-over-year. Meanwhile, condo-townhouse units reported a 5-months' supply last month, up 85.2% over the Nov. 2022 level.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the November 2023 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 http://floridarealtors.org/newsroom.

SOURCE Florida Realtors