According to market data provided the National Association of Realtors (NAR), existing home sales are at the slowest sales pace since the Great Recession.
During the month of June 2023, home sale transactions were down 3.3% from the prior month. On a year-over-year basis, sale transactions were down 18.9% to a seasonally adjusted annual rate of 4.16 million units.
Per Lawrence Yun, NAR’s chief economist, “Home sales fell but home prices have held firm in most parts of the country,”. He further stated, “The national median home price in June was slightly less than the record high of nearly $414,000 in June of last year. Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month.”
Surprisingly, the median existing US home sale price continued to grow and was the second highest ever recorded during the month. At $410,200, this level is just 0.9% below the all time high of $413,800 and the third time it exceeded $400,000. Similar to the prior month, prices increased in the Midwest and Northeast but declined in the West and South.
Existing home inventory was down 13.6% year-over-year to 1.08 million units. Based on the current pace of sales, there is a 3.1-month supply of homes on the market at this time. The average marketing time for the month of June was 18 days, similar to the prior month but up from 14 days during June 2022.
Investors and vacation / second home buyers, purchased 18% of all homes sold in June, down slightly from 16% year-over-year.
The Florida Housing Market
Closed sale transactions across the state of Florida continue to decline on a year-over-year basis. During the month of June 2023 there were 37,964 sale transactions across all property types, a year-over-year decline of 8.7%.
Median sale prices continued their rise for 2023 but is down slightly on a year-over-year basis. The median sale price of $387,99 in June 2023 is slightly less than the recent peak of $388,990 in June 2022.
Active inventory has also remained in a tight range since summer 2022. As of June 2023, active inventory was 96,852 units, up 22.2% year-over-year. Based on the current rate of home sales, there is a 3.0 month supply of inventory currently available for sale.
Closed Sales – June 2023
The number of closed sales transactions within the state of Florida has continued to decline on year-over-year basis. As of June 2023, the number of individual closed sales declined by 8.7% to 37,964 transactions.
Closed Sales – Month by Month
| Month | Closed Sales | % Change YOY |
| June 2023 | 37,964 | -8.7% |
| May 2023 | 39,267 | -10.2% |
| Apr 2023 | 34,906 | -20.1% |
| Mar 2023 | 39,016 | -17.3% |
| Feb 2023 | 27,514 | -23.6% |
| Jan 2023 | 21,825 | -34.7% |
| Dec 2022 | 27,994 | -36.9% |
| Nov 2022 | 25,210 | -37.7% |
| Oct 2022 | 30,298 | -25.1% |
| Sept 2022 | 29,654 | -28.5% |
| Aug 2022 | 36,263 | -16.5% |
| July 2022 | 34,389 | -24.6% |
| June 2022 | 41,594 | -20.0% |
Median Sales Prices – June 2023
Since the beginning of 2023, home prices in Florida have continued to make strong gains. During the month of June, the median sale price across all property types was $387,990 which is the highest price in 2023, but down 0.3% on a year-over-year basis.
The recent peak occurred in June 2022 with a price of $388,990 and at this time, we are slightly below that level.
Median Price – Month by Month
| Month | Median Price | % Change YOY |
| June 2023 | $387,990 | -0.3% |
| May 2023 | $385,000 | 0.0% |
| Apr 2023 | $377,500 | 0.7% |
| Mar 2023 | $375,000 | 2.7% |
| Feb 2023 | $365,000 | 4.3% |
| Jan 2023 | $360,000 | 5.0% |
| Dec 2022 | $365,000 | 5.8% |
| Nov 2022 | $365,990 | 9.3% |
| Oct 2022 | $374,900 | 15.3% |
| Sept 2022 | $370,990 | 14.2% |
| Aug 2022 | $375,000 | 16.6% |
| July 2022 | $379,500 | 18.1% |
Active Inventory – June 2023
Although active inventory across all property types continues to improve throughout the state, the trend has leveled over the past several months. During June 2023, inventory is up by 22.2% year-over-year to 96,582 units. This represents an increase of approximately 50,000 units from the 46,944 active homes on the market as of the end of January 2022.
Active Inventory – Month by Month
| Month | Active Inventory | % Change YOY |
| June 2023 | 96,582 | 22.2% |
| May 2023 | 94,791 | 54.6% |
| Apr 2023 | 94,366 | 84.2% |
| Mar 2023 | 97,392 | 110.6% |
| Feb 2023 | 98,073 | 119.3% |
| Jan 2023 | 100,798 | 114.7% |
| Dec 2022 | 99,084 | 95.5% |
| Nov 2022 | 103,016 | 81.8% |
| Oct 2022 | 100,428 | 65.7% |
| Sept 2022 | 96,277 | 52.5% |
| Aug 2022 | 93,101 | 47.4% |
| July 2022 | 90,022 | 44.1% |
| June 2022 | 79,015 | 36.7% |
The South Florida Housing Market
The South Florida existing-home market continues the trending of lower overall home sales. Closed sales during the month were down 12% year-over-year to 7,757 units. The overall dollar volume also declined by 14% to $5.7 billion.
The median home price across all property types for June 2023 increased by 5.6% to $475,000 year-over-year.
Inventory improved with approximately 23,000 homes across all property types available for sale within South Florida. New listings across the tri-county area were down by 29% to 9,182.
The Greater Orlando Housing Market
The greater Orlando existing home market continued its trend of a slowdown in sales. Closed sales of 3,987 during the month of June were down by 8.7% year-over-year along with the overall dollar volume sliding by 6.5% to $1.9 billion.
The median home price across all property types improved by 1.8% to $402,250 year-over-year.
Inventory levels continued to improve with 7,257 homes across all property types available for sale, up 3.6% from a year ago. New listings across the Orlando metro area were down by 27% to 4,626 units while new pending sales are down by 8% to 3,618 units.
The Tampa Bay Housing Market
The Tampa – St. Petersburg – Clearwater MSA also continued it’s downward trend with respect to sale transactions. Existing-home sales were down 8.7% year-over-year to 3,987 units while dollar volume slid by 6.5% to $1.9 billion.
The median home price across all property types for June 2023 increased by 1.8% to $402,250 year-over-year.
Active inventory levels have improved, increasing 3.6% (year-over-year) with 7,257 homes across all property types available for sale. New listings across the metro area were down by 27% while new pending sales were down by 8% to 3,618 units.
Are you thinking of selling?
Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
To learn more about how we help our clients get the best possible price for their property, visiting our web site or contact us at info@quantumcos.com.
