According to new housing data released this week by Florida Realtors, the median price for a pre-existing single-family home statewide remained flat in April year-over-year, ending a trend that has lasted for over a decade where that price consistently increased each and every year.
The median sale price in April 2023 for single-family homes throughout the state of Florida was $410,000, which was the same exact price it was in April 2022; the median represents the midpoint of home sale prices, with half selling for more and half selling for less.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that the median home price remaining flat year-over-year was the end of a significant ongoing trend in the state, and could be attributed to many different factors, including low inventory and high interest rates on home mortgage loans.
Meanwhile, the median price in Florida for condominiums and townhouses in April was $325,000, representing a 4.8 percent increase year-over-year from April 2022.
“The streak of consecutive months of median price growth, on the other hand, is still very much alive over in the townhouse and condo category, which had a median price in April of $325,000, a year-over-year increase of almost 5 percent,” O’Connor said.
“With the median price for existing Florida single-family homes in April at the same level of $410,000 as last April, it brings an end to a remarkable more than 11-year stretch – that’s 135 months – where the monthly median single-family home sale price in Florida was up on a year-over-year basis,” O’Connor said. “The impact of the higher mortgage rate environment we’re in and the scarcity of homes on the market has led to this moderation in home price growth, but the major detrimental impact of this type of environment remains the decline in listings and sales.”Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.