Brad O'Connor directly addresses camera:  In August, the Florida single family home market was fairly calm, according to the latest statistics from Florida Realtors®. Close sales of single family homes declined by a little over 1% year over year. So, as has been the case most of the year, sales are tracking pretty close to last year's totals.

Year to date through the end of August, close sales of single-family homes are down 1.7%. New listings of single-family homes in August were up by over 2% compared to a year ago, which is the smallest year over year increase we've seen for new listings of single family homes so far this year. Overall, for the year. We are still up by nearly 14% in this category, but we should probably expect a smaller year over year increases for the remainder of the year.

Should this current pattern hold. Notice that new listings throughout this year have tracked more closely with the pre-pandemic years of 2018 and 2019 than they have with last year's counts. But at the end of last year, new listings which underperformed most of the year improved to similar levels of what we were seeing in late 2018 and 2019. Assuming this year's new listings continue to follow this pre-pandemic pattern, they should be much more comparable to the level of new listings we saw late last year.

The August median sale price for closed single family home sales in Florida was down year over year for the first time in a while. This decline was less than 1%, however, and is not altogether surprising given that inventory has seen fairly significant rises over the past year. Despite showing signs that it is leveling off more recently. The nearly $412,000 median sale price for single family homes is still significantly above pre-pandemic levels.

Over in the townhouse and condo property type category. August was a little bit more turbulent. Closed sales in this category were down by nearly 15% year over year, which is the third year over year decline we've seen this year for townhouses and condos, trailing only the nearly 17% decline in March. And the more than 20% decline in June.

That said, closed sales in this category are only down a little less than 9% for the year as a whole. As we have had several months where closed sales only fell by somewhere between 1 and 3%, namely January, February and July. And remember that back in April, sales were even up year over year by about 2%. Growth in new listings in the townhouse and condo category was more similar to what we saw on the single-family home side.

New listings of townhouses and condos in August were up a little under 2% compared to a year ago. That makes August only the second month this year where we've seen a single digit percentage increase in new listings for this category. New listings of townhouses and condos were actually tracking above even pre-pandemic levels of new listings earlier in the year.

But as this chart shows, you can see it is converging more and more with those pre-pandemic levels. There's currently 7.2 months of townhouse and condo supply, compared to 4.5 months of single-family home supply. So it's not surprising that in August, townhouse and condo sale prices weakened a little more than single family sale prices. The median sale price for townhouses and condos was down a little over 4% year over year, settling in at $310,000.

Anyway, we've covered the statewide numbers here, but what about 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.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. I'll see you next month.