Florida Housing Market Maintains Growth Streak Through May

Closed sales for existing single-family homes reached 24,915, a modest 0.6% increase compared to the same period last year. The condo-townhouse segment performed more robustly, with 8,897 closed sales. According to Florida Realtors Chief Economist Dr. Brad O'Connor, the consistent rise in pending sales suggests this upward momentum is likely to persist, particularly within the condo market, which saw new pending contracts jump 9%.

Price trends remain bifurcated across property types. The statewide median price for a single-family home rose 2.4% to $425,000, while the median price for condo-townhouse units dipped 1% to $306,990. Inventory levels also tightened, with single-family homes reflecting a 4.7-months' supply and condo-townhouse properties at an 8.6-months' supply. Market participants remain focused on mortgage rate fluctuations, which O'Connor identifies as the primary variable for future growth as inflationary pressures keep borrowing costs elevated above start-of-year levels.