The latest figures from the National Association of Realtors (NAR) show that the number of completed transactions for existing homes rose by 4.3% in March 2024, reaching a seasonally adjusted annual rate of 4.19 million units.
Lawrence Yun, the chief economist at NAR, stated, “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” He added, “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”
The median price for existing homes continues to rise. At $393,500, there’s been a 4.8% increase compared to the previous year, marking the ninth consecutive month of year-over-year price growth.
The inventory of existing homes saw a 4.7% increase, totaling 1.11 million units. Given the current sales rate, the market has a 3.2-month supply of homes available. Homes stayed on the market for an average of 33 days in February.
Investors and buyers of second homes accounted for 15% of all home sales during the month.
The Florida Housing Market
As of the end of March, Florida saw a total of 34,242 sales transactions across properties of all types, a double digit year-over-year decline of 12.2%.
The median sale price maintained its upward year-over-year trend reaching $389,000, which is a 3.7% rise from the previous year. This also exceeded the recent peak of $387,990 seen in June 2023.
2024 has shown a notable surge in active inventory. At the close of the month, there were 149,690 units on the market, representing a 53.7% increase from the year before.
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year decline of -12.2%. The total sales of 34,242 units represents a decline from the May 2023 peak, which recorded 39,267 transactions.
Median Sales Prices
After experiencing a rapid run-up from January 2021 to May 2022, the median sale price for homes in Florida remains fairly stable. As of February 2024, the median sale price across all property types was $389,000, up 3.7% year-over-year.
Active Inventory
Active inventory in Florida across all property types continues to trend higher, up 53.7% on a year-over-year basis to 149,690 units. This reaches a level not seen since mid-2020.
The South Florida Housing Market
Year-over-year, the South Florida market for existing homes is seeing persistent growth in median sales prices, while the number of sales transactions declines.
March experienced a double-digit decline of 18% in closed sales from the previous year, totaling 6,694 units. The median price for homes across all categories climbed by 14% to $506,000 compared to the same period last year.
March witnessed another month of increasing inventory levels. Overall, inventory was up 48%, amounting to more than 37,131 units, with an 11% increase in new listings.
The Greater Orlando Housing Market
Despite some recent increase in sales transactions, the Orlando area’s market for existing homes observed another decline. There were 3,560 closed sales during March 2024, down 7.7%. The total dollar volume of sales experienced a slight 0.1% increase, reaching $1.7 billion.
Year-over-year, the median home price for all types of properties rose by 3.6 to $403,000, although this figure does slightly fall short of the peak of $403,990 seen in May 2022.
The number of homes on the market also showed a significant rise, marking a 48% increase from the previous year. Additionally, the Orlando metro area witnessed a 5.5% uptick in new listings.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 13% year-over-year to 5,063 units. Dollar volume also declined by 6.1% to $2.4 billion.
The median home price across all property types rose by 2.8% to $370,000 but is below the recent peak in May 2022 of $385,000.
Active inventory levels have improved, up 57% year-over-year with 16,129 homes across all property types available for sale. New listings across the metro area were up 14% with new pending sales down by 9.0% to 5,609 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.
