Florida housing market cools slightly as inventory tightens

Florida’s housing market showed signs of settling into a steadier pace in August, according to the latest report from Florida Realtors. Closed single-family home sales were about 1.5% lower than a year earlier, and condo and townhouse sales fell just under 2%. Pending single-family sales also dipped, ending a year-long run of monthly gains. At the same time, the supply of homes for sale tightened: single-family inventory was down 13% year over year, and condo and townhouse inventory fell 11.5%. The median price for a single-family home rose slightly to about $415,000; the median for condos and townhouses climbed nearly 3% to just under $298,000. Mortgage rates remaining in the 6% to 7% range continued to weigh on affordability and likely contributed to slower sales growth. The report’s overall message is that activity eased, but the data did not point to a sharp statewide downturn. Buyers may find conditions vary considerably by county, price range and property type, so statewide averages are best treated as context rather than a guide to a specific neighborhood. Local conditions can differ sharply, especially for condos and first-time buyers. For more information click here.