Florida Housing Market Update: November 2024 Shows Promising Signs

The Florida real estate market saw some interesting developments in November 2024, based on the latest data released by Florida Realtors. After months of fluctuating activity, there are signs of renewed momentum, even as broader market trends and recent weather events played a role in shaping the numbers.

New Listings and Pending Sales: A Welcome Boost

November marked a notable improvement in new listings and pending sales for single-family homes. New listings rose over 7% year-over-year—the largest jump since July. Similarly, condos and townhouses saw their largest year-over-year listing increase since July, up by about 5.5%.

Pending sales also told an optimistic story for single-family homes, soaring by more than 12.5% compared to November 2023. This marks the first double-digit percentage increase in this category since April 2021. On the other hand, pending sales for condos and townhouses were down nearly 5% compared to the same time last year, though this decline was the smallest since April, suggesting a slight recovery.

A Closer Look at Influences

A significant factor behind November's rebound was the disruption caused by Hurricanes Milton and Helene in October. Many areas hardest hit by these storms experienced the strongest year-over-year increases in November, suggesting some activity was deferred from October.

Additionally, despite high mortgage rates through much of November, the uptick in market activity aligns with broader national trends of stabilizing sales. Could this mean Florida’s housing market is finding its footing? The next few months will be crucial in answering that question.

Closed Sales and Median Prices: A Mixed Bag

While pending and new listings were strong, closed sales for single-family homes dropped 3.5% year-over-year, with a sharper 15.5% decline in the condo and townhouse segment. These figures might see improvement in December, reflecting the robust pending sales from November.

Median sale prices showed modest declines. Single-family homes averaged $410,700, down 0.6% from November 2023, while condos and townhouses saw a steeper drop of almost 6%, settling at $311,000. The latter reflects the ongoing challenges in the condo market, including significant inventory growth.

Looking Ahead

As we move into the winter months, the Florida housing market continues to demonstrate resilience amidst challenges. November's statistics hint at a potential turnaround, but external factors, including economic conditions and localized impacts, will shape the coming months.