Fla.'s Housing Market: Rising Inventory, Easing Median Prices in April
"Florida's home buyers and sellers are continuing to adjust to the normalization of the state's housing market, a welcome sign for those who have been waiting for more inventory and a cooling off of the incredibly hot market we have had over the past few years," said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. "More for-sale inventory creates increased opportunities for homeownership.
"From the Panhandle through Central Florida to the Keys, consumers can turn to one of Florida's Realtors® – experienced real estate professionals in their local communities who guide consumers through the complex process of buying or selling a home."
In April, closed sales of existing single-family homes statewide totaled 23,572, down 4.5% year-over-year, while existing condo-townhouse sales totaled 8,710, down 14.8% over April 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
"The number of single-family homes that were listed for sale in Florida's Multiple Listing Services (MLSs) in April was 2.7% higher than a year ago," said Florida Realtors Chief Economist Dr. Brad O'Connor. "That's the smallest year-over-year increase for new listings that we've seen so far this year, but it's still a sign that a rising number of homeowners who were waiting for mortgage rates to fall before selling have become resigned to the idea that rates may not be going down to the levels they originally hoped – at least not any time soon. Life events happen and housing needs change over time.
"Closed sales of single-family homes fell 4.5% in April compared to a year ago and are now down a little under 3% for the year overall. Affordability continues to be the No. 1 issue impeding sales growth around the state."
The statewide median sales price for single-family existing homes last month was $412,734, down 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
"As long as mortgage rates stay about where they are now, we should continue to expect some price erosion in most markets around the state – particularly in those markets where there's still a lot of competition from new construction," O'Connor explained. "That could all change, however, if mortgage rates start trending downward closer to 6%, which would spur more buyer competition.
"There is still a lot of latent housing demand out there with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market."
On the supply side of the market, new listings for existing single-family homes were up 2.7% last month compared to compared to April 2024. New listings for condo-townhouse units in April were down 2% year-over-year.
Looking at the state's condo-townhouse market, O'Connor said, "Condos continue to face all of the demand-weakening factors that have impacted the single-family home market like high mortgage and insurance rates, but on top of that, they have been affected by association fees rising to meet the new reserve requirements, and they have been more difficult to secure financing for."
Inventory (active listings) for both property categories rose in April: Single-family existing homes were at a 5.6-months' supply while condo-townhouse properties were at a 10.3-months' supply.
To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the April data report PDFs under Market Data.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to about 238,000 members in 50 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.
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SOURCE Florida Realtors
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