According to the most recent data provided the National Association of Realtors (NAR), existing home sale transactions rebounded from a five consecutive month decline, up 0.8% during the month of November 2023. However, sale transactions were down 7.3% on a year-over-year basis to a seasonally adjusted annual rate of 3.82 million units.
Per Lawrence Yun, NAR’s chief economist, “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,”. He further stated, “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
The median existing home sale price continues to rise. At $387,600, this is an increase of 4.0% year-over-year and the fifth consecutive month of year-over-year price increases.
Existing home inventory declined by 1.7% year-over-year to 1.13 million units. Based on the current pace of sales, there is a 3.6-month supply of homes on the market at this time. The average marketing time for the month October was 23 days, up from 21 days during the prior year.
Investors and vacation / second home buyers, purchased 18% of all homes sold in November.
The Florida Housing Market – November 2023
During the month of November 2023 there were 25,682 sale transactions across all property types throughout the state of Florida. Sales improved by 2.6% on a year-over-year basis.
Median sale prices continued their rise during 2023. The median sale price of $385,000 in November 2023 is up 5.2% (year-over-year) but slightly less than the recent peak of $388,990 in June 2022.
Active inventory has remained in a tight range since summer 2022 but is now on an fairly significant uptrend. As of November 2023, active inventory was 128,770 units, up 25% year-over-year. Based on the current rate of home sales, there is a 4.1 month supply of inventory currently available for sale.
Closed Sales
The number of closed sales transactions within the state of Florida continued their downward trend. However, during the month of Novenber, the number of individual closed sales improved by 2.6% to 25,862 transactions.
Median Sales Prices
Since the beginning of 2021, home prices in Florida have continued to make strong gains. During the month of November, the median sale price across all property types was $385,000 which is just shy of the 2023 peak in June ($387,990).
The recent peak occurred in June 2022 with a price of $388,990 and at this time, we are slightly below that level.
Active Inventory
Active inventory across all property types continues to improve throughout the state and is currently at a high for the year.
During November2023, inventory is up by 25% year-over-year to 128,770 units. This represents an increase of more than 80,000 units from the 46,944 active homes on the market as of the end of January 2022.
The South Florida Housing Market
The South Florida existing-home market continues the see increasing median sales prices but declining home sales. Closed sales during the month of November were down 3.3% year-over-year to 5,208 units. The overall dollar volume improved by 5.0% to $3.6 billion due to continued rising home prices.
The median home price across all property types increased by 7.0% to $460,000 year-over-year.
Inventory improved with approximately 30,800 homes across all property types available for sale within the South Florida area. New listings across the tri-county area were also up by double digits (13%).
The Greater Orlando Housing Market
After months of year-over-year declines, closed sales in the greater Orlando existing home market improved. During November, the area saw 2,733 transactions close, an improvement of 5.8% year-over-year. Overall dollar volume was also up by 12% to $1.3 billion.
The median home price across all property types improved by 3.6% to $400,000 year-over-year.
Inventory levels improved with 10,060 homes across all property types available for sale, up 15% from a year ago. New listings across the Orlando metro area were also up by 25% to 3,847 units. Pending sales were up slightly by 0.9% to 2,577 units.
The Tampa Bay Housing Market
Existing-home sales in the Tampa – St. Petersburg – Clearwater MSA declined by 2.2% year-over-year to 3,980 units. However with dollar volume improved by 8.6% to $1.9 billion due to increasing home sale prices.
The median home price across all property types rose by 3.5% tot $377,755.
Active inventory levels have improved, up 12% (year-over-year) with 14,465 homes across all property types available for sale. New listings across the metro area were up 9.2% with new pending sales down by 6.2% to 3,727.
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.
