Florida Housing Market Update: August 2023

It’s important to have market updates that are local to your area. The latest home resale market statistics from Florida Realtors was just published. I’ve put together an overview of the most important points to know:

  • The amount of closed sales of existing single family homes was down by 8% compared to last year.
  • The amount of closed sales of townhomes/condos was down 7% compared to last year.
  • The median price of single family homes was up 2% compared to last year.
  • The median price of townhomes/condos was up 6% compared to last year.
  • Mortgage interest rates continue to be the most dominant factor in sales trends here in Florida as well as the rest of the U.S., so the continued year-over-year declines we’re seeing in closed sales are not surprising.
  • These elevated levels of home prices continue to offset the impact of lower levels of sales when it comes to dollar volume, which is calculated as the total combined same value of all home transactions closing each month.

For more information go to the following link: https://www.youtube.com/watch?v=ESBpyaXSB4E

Please never forget to reach out if you ever have any real estate questions. I’m always happy to help!