Brad O'Connor Directly addresses camera:  Sales of existing homes fell modestly in July, while sale prices remained consistent with last year's values, according to the latest figures from Florida Realtors®. High mortgage rates this summer have continued to slow the annual rate of home price growth. The median sale price for single family homes in July was $415,000, a 0.7% increase over last July's median of about $412,000.
This price growth is slightly greater than what we've seen in recent months, but not by much. The median sale price for condos and townhouses, meanwhile, was up 4.6% to $319,000, which was its largest year over year gain since April. Sales of single family homes declined by 6.4% in July compared to a year ago. The smallest such decline we've seen since March of last year.
By contrast, the year over year decrease in sales in the Townhouse/Condo category was a little steeper at 9.4%. But still, this was the smallest year over year decline in this category since early last year as well. Remember, though, interest rates were on the rise throughout 2022 and as they increased, housing market activity declined. So the deeper we get into 2023, the more favorable the numbers will look compared to 12 months ago.
The real story so far this year is that while the housing market has stopped deteriorating, it hasn't been in any big hurry to improve either. As always, Florida Realtors® has a wide array of other metrics available for you to review, not only at the statewide level, but also for your local market. Florida Realtors® members can find the latest statistics on our interactive web application SunStats.com and of course, our statewide statistics are available to everyone at FloridaRealtors.org.
Thanks for watching. We'll see you next month.