Housing Prices are at Record Levels (April 2024)

The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes declined by 1.9% in April 2024, reaching a seasonally adjusted annual rate of 4.14 million units.

The median price for existing homes continues to rise. At $407,600, it is a 5.7% increase compared to the previous year, marking the eight consecutive month of year-over-year price growth and the highest price ever for the month of April.

Lawrence Yun, the chief economist at NAR, commented, “Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market”.

The inventory of existing homes saw a 9% improvement from last year, totaling 1.21 million units. Given the current sales rate, the market has a 3.5-month supply of homes available. Homes stayed on the market for an average of 26 days in February.

Investors and buyers of second homes accounted for 16% of all home sales during the month.

The Florida Housing Market

As of the end of April 2024, Florida saw a total of 36,498 sales transactions across properties of all types, a year-over-year increase of 4.6%.

According to Florida Realtors Chief Economist Dr. Brad O’Connor, sales have not reached pre-pandemic levels.  He states, ““Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady.  Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand”.

The median sale price maintained its upward year-over-year trend. April’s median sale price reached $391,000, which is a 3.6% rise from the previous year and an all time high for the state of Florida

2024 has shown a notable surge in active inventory. At the close of the month, there were 155,135 units on the market, representing a 64.4% increase from the year before. This is also the first time since May 2019 that inventory levels have exceeded 150,000 units.

Closed Sales

In Florida, the number of closed sales transactions saw a year-over-year increase of 4.6% with a three-month trend of increasing sales. Transaction volume of 36,498 units still 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 April 2024, the median sale price across all property types was $391,000, up 3.6% year-over-year.

This amount if a record high for median home prices in Florida.

Active Inventory

Active inventory in Florida across all property types continue to trend higher in April 2024, up 49% on a year-over-year basis to 155,135 units, reaching a level not seen since May 2019.

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 remains fairly stable.

April experienced a 5.9% increase in closed sales from the previous year, totaling 7,513 units.  The total value of homes sold rose by 23% to reach $6.1 billion, a reflection of the ongoing increase in home prices.

The median price for homes across all categories climbed by 11% to $500,000, compared to the same period last year.

April continued the trend of increasing inventory levels.  Overall inventory was up 57% to 37,761 units, with a 29% increase in new listings.

The Greater Orlando Housing Market

Following a year that generally saw a decline in sales transactions, the Orlando area’s market for existing homes saw another increase.  There were 3,657 closed sales during April 2024, up 4.0%. The total dollar volume of sales experienced a 9.7% increase, reaching $1.8 billion.

Year-over-year, the median home price for all types of properties rose by 3.1% to $404,990, a new all time high.

The number of homes on the market also showed a significant rise, marking a 65% increase from the previous year. Additionally, the Orlando metro area witnessed a 25% surge in new listings.

The Tampa Bay Housing Market

Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA increased by 3.3% year-over-year to 5,420 units. Additionally, dollar volume improved by 8.6% to $2.6 billion due to increasing home sale prices.

The median home price across all property types rose by 2.7% to $375,000. This amount is still below the recent peak in May 2022 of $385,000.

Active inventory levels have improved, up 77% year-over-year with 16,926 homes across all property types available for sale.  New listings across the metro area were up 28% with new pending sales down by 3.4%.

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.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

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