According to the most recent data provided the National Association of Realtors (NAR), existing home sale transactions declined by 4.1% during the month of October. Sale transactions were down 14.6% on a year-over-year basis to a seasonally adjusted annual rate of 3.79 million units.
Per Lawrence Yun, NAR’s chief economist, “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,”. He further stated, “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
Continuing to buck the trend is the median existing home sale price. At $391,800, this is an increase of 3.4% from September and the fourth consecutive month of year-over-year price increases.
Existing home inventory declined by 5.7% year-over-year to 1.22 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 15% of all homes sold in September.
The Florida Housing Market – October 2023
During the month of October 2023 there were 28,968 sale transactions across all property types throughout the state of Florida. Sales declined by 4.4% on a year-over-year basis.
Median sale prices continued their rise for 2023. The median sale price of $380,000 in October 2023 is up 1.4% (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 uptrend. As of October 2023, active inventory was 119,935 units, up 19% year-over-year. Based on the current rate of home sales, there is a 3.8 month supply of inventory currently available for sale.
Closed Sales
The number of closed sales transactions within the state of Florida turned back downward during October. During the month the number of individual closed sales declined by 4.4% to 28,968 transactions.
Median Sales Prices
Since the beginning of 2021, home prices in Florida have continued to make strong gains. During the month of October, the median sale price across all property types was $380,000 which is fairly close to the peak of 2023 ($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 October 2023, inventory is up by 19.4% year-over-year to 119,935 units. This represents an increase of more than 70,000 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 October were down 1.6% year-over-year to 6,141 units. The overall dollar volume improved by 7.5% to $4.4 billion.
The median home price across all property types increased by 6.7% to $459,000 year-over-year.
Inventory improved with approximately 28,000 homes across all property types available for sale within the South Florida area. New listings across the tri-county area were up by 14% to 10,562.
The Greater Orlando Housing Market
The greater Orlando existing home market also continued its trend of a slowdown in sales with rising prices. Closed sales of 3,164 during the month of October were down by 6.4% year-over-year. Overall dollar volume was also down by 2.4% to $1.5 billion.
The median home price across all property types improved by 2.6% to $400,000 year-over-year.
Inventory levels improved with 9,435 homes across all property types available for sale, up 6.6 from a year ago. New listings across the Orlando metro area were also up by 8% to 4,119 units with new pending sales up by 1.9% to 2,884 units.
The Tampa Bay Housing Market
Existing-home sales in the Tampa – St. Petersburg – Clearwater MSA declined by 9.0% year-over-year to 4,454 units along with dollar volume falling by 3.9% to $2.1 billion.
The median home price across all property types remained unchanged at $370,000.
Active inventory levels have improved, up 7.1% (year-over-year) with 13,346 homes across all property types available for sale. New listings across the metro area were up 12% with new pending sales were also up by 4.5%.
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.
