Brad O'Connor directly addresses camera: Florida Realtors' housing market statistics for May have just been released, and they largely show a continuation of the same trends we've observed in recent months.

Sales of single-family homes fell by less than 1% in May compared to the previous year, while townhouse and condo sales dropped by more than 8.5%. 

Year-over-year growth in home prices was as weak as it's been in several months. The median sale price for single-family homes in Florida was around $426,000, slightly over a 1.5% increase from May of last year. For townhouses and condos, the median sale price rose by 1.5% to $330,000. 

New listings of single-family home listings were up by over 15% in May, which was the lowest year-over-year increase we've reported this year outside of the less-than-8% increase in March. For townhouses and condos, new listings grew by nearly 14% year-over-year in May—also the second-lowest increase reported for this property type category in 2024.

While sales growth remains stagnant, with new listings still climbing compared to a year ago,, inventory levels are still rising at the statewide level. That said, we are seeing a decent amount of variation at the county level—and even within several counties, when we drill down to the zip code level. Some parts of the state, like most of South Florida, still have inventory levels below what was typical from, say, 2014 through 2019, leading up to the pandemic. Other areas of the state—particularly suburban and exurban areas on the fringes of other large metros like Tampa-St. Pete, Orlando, and Jacksonville—are seeing inventory levels above pre-pandemic levels. Nothing quite like we saw in 2008 or 2009, mind you, but still notable. These are the areas where we might expect price growth to be slowing down the most in the coming months. 

As you all know, Florida Realtors offers a wide range of other metrics for review, both statewide and locally. Members can access the latest statistics on the interactive SunStats web application, and statewide statistics are available to everyone to see at floridarealtors.org. Thanks for watching—we'll see you next month!