During the third quarter, Florida’s East Coast economy strengthened and continued to attract new residents, adding to housing demand. While higher mortgage rates constrained some purchasing activity, labor market conditions and demographic growth buoyed sales. We saw pricing trending higher in several counties across the state, even as a national for-sale housing slowdown took root.
For-sale inventory continued to trend higher, reaching nearly 31,000 condos and homes by the end of the quarter. Compared with one quarter ago, condo inventory increased by 7% while single-family home inventory increased by 2%. However, even as more homes became available, newly listed properties came to market at higher pricing. The median price per square foot of an available condo increased by nearly 2% from last quarter. In the single-family home segment, the median price per square foot increased by more than 2%.
