In 2023, the performance of existing single-family home sales in Florida has generally fallen short of the pre-pandemic transaction levels. Furthermore, throughout the year until August, Florida’s 2023 real estate transactions lagged behind those of 2022, though they have been gradually catching up. Notably, in September, closed sales of single-family homes experienced their first year-over-year increase in 2023, rising by over 6%.
Regarding pending sales of single-family homes in September, there was a decrease compared to August, which is typical for this time of year due to seasonal variations. However, when we examine the year-over-year change, we find that the decline in September was only marginal when compared to the same period in the previous year.
Turning our attention to the supply side, we can assess the new single-family home listings in September. Although new listings in 2023 have been at their lowest levels in several years, they have been gradually approaching pre-pandemic levels in recent months. Remarkably, in September, the number of new single-family listings exceeded those in the same month in 2019, marking the first such occurrence this year. This trend also holds true when comparing this September’s new listings to those of the previous year, resulting in a year-over-year increase of 8%.
With inventory levels showing signs of improvement but still below pre-pandemic levels, home prices have remained relatively stable in 2023. The median sale price for closed sales of existing single-family homes in September increased by 1.3% year-over-year, reaching approximately $410,000.