Florida Housing Report August 2021
Brad O’Connor directly addresses camera: Florida’s resale housing market had another strong month in August, based on the latest statistics from Florida Realtors. Closed sales of single-family homes were up by a fraction of a percentage point compared to a year ago, which is impressive given the rate at which homes were selling at this time last year. The market for condos and townhouses, however, remains the hotter market for now.
August sales in *this* property type category were up over 13 percent year-over-year. Home sale prices remained elevated in August. The median sale price for single-family home sales was $354,000, which is 18 percent higher than last August’s median. Notably, though, this is slightly less than July’s median sale price of $355,000. That’s a strong sign that the rate of price growth is continuing to slow down toward more sustainable levels. It’s important to review the data in your local market areas, however. Some parts of the state continue to see single-family home prices rising at a brisk pace, while others have seen prices level off over the past several months. The statewide median sale price for condos and townhouses has been leveling off since April.
In August, though, it still remained well above where it was at this time last year, up over 16 percent to $252,500. Inventory levels at the end of August were not much different than they were at the end of July, but are still well below where they were a year ago. Active listings of single-family homes were down over 32% year-over-year, while active listings of condos and townhouses were down over 52%. That works out to about a 1.3-month supply and 1.7-month supply in these two property type categories, respectively. We’re still very deep into seller’s market territory and it continues to be a long road back to a balanced market. As I said before, be sure to take a look at the statistics for your local market to see how they compare to these statewide numbers! As always, you can find these statistics and a myriad of other useful research and analytics at floridarealtors.org/research. See you next month!