- Four MSAs accounted for nearly 57 percent of all August sales in Florida.
- Miami leads all Florida MSAs in single-family and condo sales.
- Inventory is a concern for Florida moving forward.
Single-family home sales activity in Florida recently rose by 8.6 percent year-over-year.
That’s mostly due to the performance of four MSAs (metropolitan statistical areas).
According to Florida Realtors, 23,605 existing homes sold during August statewide, with 13,346 of those sales (56.5 percent of all statewide sales) occurring in one of these MSAs:
- Miami-Fort Lauderdale-Pompano Beach
- Tampa-St. Petersburg-Clearwater
With 4,192 single-family sales, the Miami MSA contributed the largest volume of August transactions. Its sales volume total represents a 6.1 percent year-over-year rise. At the same time, the median price of a home spiked by 7.4 percent, reaching $290,000.
Miami also accounted for nearly 42 percent (3,850 sales) of all condo/townhome sales that occurred in Florida last month. The median price of these transactions rose by 11.4 percent to $156,000 year-over-year.
Similar to Miami, the Tampa-St. Petersburg MSA accounted for 4,113 single-family sales during August. This total represents a 14.4 percent increase when compared to August of last year. The median price of a home spiked by nearly 9.4 percent to $175,000.
The Orlando and Jacksonville MSA both saw single-family sales activity rise by roughly 20 percent in August.
In Orlando, sales activity increased by 19.3 percent year-over-year, with 2,995 transactions closed. The 2,046 homes sold in Jacksonville equated to a 20.8 percent spike.
Median prices rose by 9.2 percent in Orlando and 5.9 percent in Jacksonville.
Statewide, the median sales price for a single-family home rose by 11.1 percent year-over-year in August to $199,900.
August represented the 45th straight month in which both single-family and condo/townhome prices rose on a year-over-year basis, according to Andrew Barbar, president of Florida Realtors.
Inventory continues to tighten in Florida, with 4.3 months of supply in the single-family sector.
“We are still seeing significant inventory tightness in the lower price ranges,” said John Tuccillo, chief economist for Florida Realtors. “That trend, together with rising rents, poses something of a challenge for companies seeking to relocate to Florida in need of potential workforce housing.”