Florida's housing market experienced a slowdown in closed sales during September 2024. While Hurricane Helene caused some disruption towards the end of the month, a more likely reason for the decline is that September 2023 saw unexpectedly robust sales. This trend reflects the broader national trend of weaker housing demand for much of 2024.

Here are some key takeaways from the September report:

• Sales Decline: Both single-family home sales and townhouse/condo sales fell year-over-year. Single-family home sales were down by a little over 12%, slightly worse than June's decline of over 11%. Townhouse and condo sales dropped 20.5% in June and slightly more in September.

• Hurricane Impact Minimal: While Hurricane Helene did impact the last few business days of September, its effect on overall sales was likely insignificant. Counties unaffected by the hurricane experienced similar sales declines, suggesting other factors were at play.

• Inventory Growth Slows: New listings in both single-family homes and townhouse/condo categories declined year-over-year for the first time in 2024. This slowdown, coupled with active inventory levels that continue to exceed last year's, points towards a stabilization of the market.

• Median Prices Hold Steady: The median sale price for single-family homes rose slightly by 0.2% to $410,000, while the median price for townhouses and condos decreased by 3.4% to $314,000. Despite these fluctuations, both property types remain significantly above pre-pandemic price levels.

• Rate Cut Impact: The Federal Reserve's first rate cut in late September, which was anticipated by the market, led to lower mortgage rates, stimulating demand, especially for single-family homes. New pending sales for single-family homes actually increased year-over-year by about 2%.

The report suggests that Florida's housing market is adjusting to the current economic climate. While sales have slowed, inventory growth has also decreased, potentially leading to price stability in the coming months. The recent rate cut could further boost demand and shape the market's direction.

Curious about what Florida's evolving market means for you? At Sancastle Realty, we’re here to help you navigate these changing conditions. Whether you're buying, selling, or investing, our team combines decades of experience with up-to-the-minute insights to guide your decisions with confidence. Contact us today to see how you can make the most of Florida’s real estate market!