Florida Home Sales Down While Property Prices Rise


Closed sales of existing single-family homes in Florida totaled 23,435 in March, down 10.4% year-over-year, according to new data from Florida Realtors. Existing condo-townhouse sales totaled 9,332, down 16.6% over March 2023.

For the first quarter of the year, statewide existing single-family home sales totaled 57,326, down 3.7% from one year earlier, while statewide existing condo-townhouse sales totaled 22,811, down 8.5% from the same quarter one year before.

The statewide median sales price for single-family existing homes in March was $420,600, up 3.9% from the previous year, and the statewide median price for condo-townhouse units was $330,000, up 3.1% from March 2023.

For the first quarter of the year, the statewide median price for single-family homes was $415,000, up 3.8% year-over-year, while the statewide median price for condo-townhouse properties was $325,500, up 2.8% year-over-year.

Single-family existing homes were at a 4.1-months’ supply while condo-townhouse properties were at a 6.6-months’ supply for both timeframes.

“Home price growth remained fairly calm by recent standards during the month of March,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Also, more homes were listed on Florida’s multiple listing services this March than in March 2023, but the year-over-year changes were more modest than what we saw in January and February. New listings of single-family homes were up 7.7% in March, well off the pace of nearly 17% in January and over 28% in February. In the townhouse and condo category, year-over-year growth in new listings in March was 11%, compared to over 31% in January and about 30% in February.”

Sandstone Group