Brad O'Connor directly addresses camera:  We're halfway through 2024, and Florida Realtors has just released its housing market statistics for the month of June. Relative to a year ago, closed sales were down a fair amount in June-similar to what we experienced back in March, as well. Closed sales of single-family homes fell by over 10% year over year in March, and by over 11% in June. Over in the townhouse and condo property type category, closed sales were down by almost 17% year over year in March, and by over 20% in June. 
Of course, we had a decent bounce back from those March numbers in April, with sales actually increasing year over year. Will that happen in July? I'm somewhat optimistic we'll see better year-over-year figures for closings than we did for June, but it would be tough to say for sure if we'll exceed last July's totals. If we look at pending inventory for June-that is, the number of properties that were under contract as of the end of the month-we can see that the gap between last year and this year is quite close for single-family homes, indicating we could see similar numbers of closed sales in the next month or two. But that's dependent on these under-contract homes going all the way through closing, which as we know is not always guaranteed. The gap for townhouses and condos, by the way, is a bit larger than that for single-family homes, although it is still more favorable than it's been in recent months.
While we're looking at pending inventory, we may as well look at active inventory, as well. Active inventory is defined as the number of homes listed for sale that were *not* under contract as of the end of the month, and it's the inventory statistic we tend to pay the most attention to. That's why we usually just call it "inventory" by itself, without bothering to add the word "active" in front of it. Anyway, the active inventory of single-family homes remained well above last year's levels as of the end of June. It was also up compared to the end of the prior month, but notice that it wasn't up at the same trajectory. That's something to watch for in the coming months. Inventory may continue to rise, but how much and how fast? Based only on this June's figure, it could be that single-family inventory is converging toward what we might call a balanced market, at least at the statewide level. But this is just one month of data, so we'll need to keep an eye on it. It's always possible that inventory growth could re-accelerate a month or two down the line. Switching over now to townhouses and condos, you can see a more pronounced slowdown in the rate of inventory growth in June. Again, we'll see if this is a real trend in the next couple of months.
The biggest reason there was a slowdown in the rate of inventory growth in June was that year-over-year growth in new listings of homes for sale was easily the weakest it's been all year. Year to date, new listings of single-family homes for sale are up over 16%, but in June they were only up by 6% compared to a year ago. New listings of townhouses and condos, meanwhile, are up by over 19% year-to-date, but were only up by less than 5% in June.
With inventory levels where they're at right now and the market far more in balance than it was a year ago, unsurprisingly, home price growth remains somewhat stagnant. The median price for closed sales of single-family homes in Florida was $427,000, a year-over-year increase of 1.7%. Over in the townhouse and condo category, the median sale price was less than last year's figure, but just by $100, coming in at $324,900. 
We've covered the state as a whole in this video, but what about your particular market area? Well, you can certainly check out how your market compares to the state overall if you're a member of Florida Realtors. As always, you can find your local area statistics at floridarealtors.org/research, or through our interactive web application, SunStats, which you can find at sunstats.floridarealtors.org. See you all next month.