Florida Housing Market Update: Sept 2024

BREAKING: there’s a severe imbalance between supply and demand in the Florida housing market. For example, the number of homes for sale this July is the highest amount for ANY month since early-2019 (and the highest levels for a July since July 2014). In contrast, new pending home sales (a measure of offers being accepted between buyers and sellers) is at the lowest levels for the month of July since AT LEAST July 2016. Therefore, supply is far out-pacing demand in Florida which should be downward pressure on home prices in the months to come.

In today’s video, I share the latest data for single-family home prices in Florida as well as pending home sales, share of cash sales, price reductions and much more. See links below for the reports I shared.

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Source of the reports I went over in the video:

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 01923240 and NMLS 2566691).

For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#FloridaHousingMarket #Florida #Floridahomes

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[nitroneonicman]

I'm in Orlando right now and we just had the highest number of June cancellations of pending contracts in history. I'm watching lots of price drops and it's nothing compared to what is happening in Tampa.

[BrettMaverick]

So maybe a good time to make low ball offers and get a bargain?

[SC-shux]

12:40 The builders are price fixing in the $1mil plus market. In Tampa I see all the builders hiding inventory in this price range. They only advertise one home available when there are actually very many. One thing we can do to fight back is only buy inventory that is already built. Builders will not negotiate price if the home is still under construction.

[enthused]

Median home price sold since the Q4 2022 peak is down 10% and in free-fall, and that's after FRED retroactively fraudulently adjusted Q4 2022's peak median home price sold downward earlier this year from $479, 000 to $442, 000. They're in absolute panic mode, changing both median home prices, median incomes, and the unemployment and jobs numbers. This is unprecedented. The housing market is crashing and unemployment is going up exponentially.

[MaoN-cvkb]

I was shopping in Jacksonville 3 months ago, not alot attractive inventory. Alot of sellers tryng to put lip stick on homes, foundation issues. Greed, price cuts galore, overvalued. I decided to wait a little longer.

[realestatemindset]

Jason Walter! Good morning, sir. It's always nice to see you, my friend.

[noisycricket]

I understand mortgage rates are forward looking but still excited to see what happens after mid September.

[Amrknegypt]

When you FOMO into real estate you pay dearly.

[Courtney-Alice-Gargani]

Florida is a nice place to visit but it's not a home for me. The home insurance prices is skyrocketing I heard.

[sunder]

Luxury sales are chugging along nicely, but this hides the noticeable price drops in the mid range sales (as you noted). The possible excitement this fall could make up for that though…

[theRetainer]

Thankfully, I'm still saving money for a down payment while this mess straightens itself out. I was lucky enough to buy a house in a great neighborhood in 2020. Now, I'm just waiting patiently for the right opportunity. I refuse to buy a dump for $500k. My advice: Don't jump into the market unless you absolutely need to. Save money and invest in a HYSA or Brokerage account in the meantime. Let them feel the burn 🔥😅... and don't accept the high rent prices either. Negotiate with greedy landlords, shop around, widen your search area, find more affordable places to rent. Don't let anyone mess with you'll.

[SC-shux]

15:05 Prices are not keeping up with inflation, which means most Florida markets are losing value even if prices aren’t dropping yet.

[itschinnam]

My car insurance doubled in the last 11 months

[takuma]

I wonder if we can track trends not only by metro area but also by proximity to the water. I’ve noticed a lot of inventory inland, and prices seem to be dropping in the Tampa / Sarasota area. I’m looking at houses on one of the Keys (not the luxury ones), but I’m curious if the price trends are different in coastal neighborhoods, also gap between house vs condos

[Melise]

Will the election make any difference with the prices of homes or rates?

[cindyonyoutube]

Thanks for this analysis, Jason! We're heading to FL in a few days for house hunting!

[andynickles]

I wonder how much home owners insurance premium increases are affecting home price decreases.

[ericv]

No idea if you can get this data Jason, but it would be interesting to see the % of homes for sale that were purchased just before Covid vs homes people have held longer than 5 years. I see lots of just before covid purchased trying to cash out equity, and not as many long term homes selling.

[fettagharbi]

Thanks a lot for the informations what about Nj