The Florida housing market in September and the third quarter (3Q) of 2023 showed signs of stabilization in statewide median prices and improved inventory levels compared to the previous year, according to the latest housing data from Florida Realtors®.
"Florida continues to draw new residents, and the dollar volume of single-family home sales in September was up 14.1% year-over-year to $12.2 billion dollars. Over that same timeframe, closed sales of single-family homes rose 6.1%. The Florida market remains strong in the face of higher mortgage rates, and first-time buyers are finding greater selections and less competition than they've seen in years."Florida Realtors® President G. Mike McGraw
Despite higher mortgage rates, the Florida market remains strong, offering more choices and less competition for first-time buyers.
In September 2023, closed sales of existing single-family homes statewide reached 21,335, a 6.1% increase from the previous year. Existing condo-townhouse sales, on the other hand, totalled 8,387, a slight decrease of 0.2% compared to September 2022.
During the 3Q of 2023, statewide existing single-family home sales declined by 3.2% from the previous year, totalling 66,450. Existing condo-townhouse sales also decreased by 5.8% year-over-year, totaling 26,129. It's important to note that closed sales may occur from 30 to 90 days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O'Connor noted some positive signs as the market entered the fall season:
"In September, closed sales of single-family homes were up for the first time compared to a year ago, rising by over 6%. Closed sales of townhouses and condos in 2023 have been converging with their 2022 levels as well. We were still down in September year over year, but by a fraction of 1%."Fla. Sept. Report: Single-Family Sales Up 6.1%
In September, the statewide median sales price for existing single-family homes reached $409,243, a 1.3% increase from the previous year. Condo-townhouse units had a median price of $324,990, reflecting a 5.8% increase compared to September 2022.
For the 3Q of 2023, the median sales price for single-family homes in Florida was $414,000, showing a 1.0% increase over the second quarter of 2022. The median sales price for condo-townhouses during the same period was $320,545, reflecting a 5.8% year-over-year increase.
O'Connor mentioned that new listings have been at their lowest level in several years in 2023, but in recent months, they've been closer to pre-pandemic levels. In fact, September's new single-family listings exceeded the number from the same month in 2019, marking an 8% increase compared to the previous year.
While there is more active inventory at the end of September compared to the beginning, Florida still has a lower inventory of single-family homes than in 2019 before the pandemic. The state had a 3.2-month supply of single-family existing homes in September, a 28% increase year-over-year. Condo-townhouse units had a 4.1-month supply, reflecting a significant 78.3% increase compared to the previous year.
For the full statewide housing activity reports, interested parties can visit the Florida Realtors Newsroom or access the September 2023 and 3Q 2023 data report PDFs under Market Data.