Watch video here: https://youtu.be/fad-ZIJjHy8

Market Update for April 2025
With Brad O’Connor Ph.D.
TRT: 3m 28s
Video Transcription

Brad O’Connor directly addresses camera: The latest housing market statistics for the Sunshine State have just been published by Florida Realtors®. So, let’s take a look at how the housing market fared in April. The median sale price for closed single family home sales in Florida was down 4% in April compared to a year ago, falling to a little under $413,000. Looking back a little further, the median price was $410,000 in both April of 2022 and 2023.

So we’re still just above that level, and we remain over 50% higher than where we were at this time in 2020. Still, 4% is the largest year over year percentage decline we’ve observed for Florida single family home prices going all the way back to October 2011. So it’s worthy of our attention. The number of single-family homes that were listed for sale in Florida this MLS is in April was a little under 3% higher than a year ago.

That’s the smallest year over year increase for new listings that we’ve seen so far this year. But it’s still a sign that a rising number of homeowners who are waiting for mortgage rates to fall before selling have become resigned to the idea that rates may not be going down to the levels that they had originally hoped, at least not anytime soon.

Life events happen and housing needs change over time. Closed sales of single-family homes fell 4.5% in April compared to a year ago, and are now down a little under 3% for the year. Overall, affordability continues to be the number one issue, impeding sales growth around the state. The market for townhouses and condos remained weaker than the single-family market in April.

In this property type category, closed sales fell by nearly 16% year over year. Condos continue to face all of the demand weakening factors that have impacted the single-family home market, like high mortgage and insurance rates. But on top of that, they have been affected by association fees rising to meet the new reserve requirements, and they have been more difficult to secure financing for

The number of new listings of condos and townhouses actually declined year over year by 2%. But inventory in this property type category continues to rise due to the slower pace of sales in recent months. So we’re most certainly in buyer’s market territory right now. The statewide median sale price in the townhouse and condo category fell 6% in April compared to a year ago, down to $315,000.

As long as mortgage rates stay at about where they’re at, we should continue to expect some price erosion in most markets around the state, particularly in those markets where there’s still a lot of competition from new construction. That could all change, however, if mortgage rates start trending downward, closer to 6%, which would spur more buyer competition. There is still a lot of latent housing demand out there, with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market.

Well, we’ve covered the statewide numbers here today, but what’s going on in your local market? Is it seeing the same trends? It’s easy to find out. If you’re a member of Florida Realtors®. Just go to SunStats dot floridarealtors.org and log in to view the latest market data for your area. We have the whole state covered down to the city and zip code level.

Thanks for watching. We’ll see you next month.