Existing Home Sales Fall as Prices Hit Another Record (May 2024)

The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes declined by 0.7% in May 2024, reaching a seasonally adjusted annual rate of 4.11 million units.

The median price for existing homes continues to rise. At $419,300, it is a 5.8% increase compared to the previous year and is the highest price ever recorded.

Lawrence Yun, the chief economist at NAR, commented, “Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months”.  He further stated, “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

The inventory of existing homes saw a 18.5% improvement from last year, totaling 1.08 million units. Given the current sales rate, the market has a 3.1-month supply of homes available. Homes stayed on the market for an average of 18 days in May.

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 May 2024, Florida saw a total of 38,197 sales transactions across properties of all types, a year-over-year decline of 2.7%. Closed sales of existing single-family homes were down slightly (-0.5%), while existing condo-townhouse sales dropped by 8.6%.

According to Florida Realtors Chief Economist Dr. Brad O’Connor, the most recent market trends continue. He states, “New listings of single-family home listings were up by 15.2% in May, which was the lowest year-over-year increase we’ve reported this year – outside of a less-than-8% increase in March”.

The median sale price maintained its upward year-over-year trend.  For the month of May, the median sale price reached $390,000.  This is a 1.3% rise from the previous year and just below the time high for the state of Florida

2024 continues to show a significant increase in active inventory. At the close of the month, there were 162,452 units on the market, representing a 64.4% increase from the year before. 

Closed Sales

In Florida, the number of closed sales transactions saw a year-over-year decrease of 2.7% 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 May 2024, the median sale price across all property types was $390,000, up 1.3% year-over-year.

Active Inventory

Active inventory in Florida across all property types continue to trend higher in May 2024, up 71.4% on a year-over-year basis to 162,452 units, reaching a level not seen since 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 declined.

May experienced a 5.0% decline in closed sales from the previous year, totaling 7,607 units.  The total value of homes sold rose by 5.2% to reach $6.3 billion, a reflection of the ongoing increase in home prices.

The median price for homes across all categories climbed by 8.2% to $500,000, compared to the same period last year.

May continued the trend of increasing inventory levels.  Overall inventory was up 62% to 38,593 units, with a 15% increase in new listings.

The Greater Orlando Housing Market

The Orlando housing market for existing homes saw another increase.  There were 3,899 closed sales during the month of May, down 3.1%. The total dollar volume of sales experienced a 0.4% increase, reaching $1.9 billion.

Year-over-year, the median home price for all types of properties rose by 1.5% to $409,945, a new all time high.

The number of existing-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 declined slightly by 0.1% year-over-year, to 5,980 units. Dollar volume improved by 4.8% to $2.9 billion due to increasing home sale prices.

The median home price across all property types rose by 3.6% to $383,384. This amount is still below the recent peak in May 2022 of $385,000.

Active inventory levels have improved, up 84% year-over-year with 17,668 homes across currently available for sale.  New listings across the metro area were up 18% with new pending sales down by 5.1%.

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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