(The Center Square) – Home prices and rents held steady in 2023 and 2024 and sales were down for a second consecutive year, according to a recently released report.
Supply of both single-family homes and multi-family rental homes increased statewide, especially for the single-family homes in the central and west-central parts of the state, said the report on Florida’s housing market by Shimberg Center at the University of Florida.
Home inventory was up to nearly 5.9 million homes in 2024, with 71% serving as a property owner’s primary residence rather than a second home, vacation home or rental property.
According to the report, there are 1.7 million multi-family rentals with three quarters of those in developments with 10 or more units and the remainder in smaller developments, such as duplexes.
Condominiums represent 1.6 million units, but only 37% are the owner’s primary residence, with most acting as second or vacation homes or rental properties.
The state has 437,000 mobile homes on individually owned parcels, with half of those used as a primary residence. The state also has 2,293 licensed mobile home parks with 290,885 lots for rent.
New home construction has been on the rebound since an all-time high in 2006 when 180,000 homes were constructed statewide. After the 2008 recession and mortgage crisis, new home construction dipped to a low of 30,000 in 2009.
In 2023, the final year that data is available, 138,717 single family homes were constructed in Florida.
Lee County in central Florida led the state with 10,702 new homes, followed by Polk (9,380), Pasco (8,071), Lake (7,783), Manatee (6,511) and Osceola counties (6,279).
During 2023, Florida added 354 multi-family developments with 10 or more units, 50,547 new apartments and 1,199 smaller multi-family developments (2,467 units).
The state’s condominium market continues to decline. Florida added 6,791 condominiums in 2023, a third of which were located in Miami-Dade County. This is far below the 2005 to 2007 peak, when 40,000 to 50,000 units were being constructed annually.
For those in need of taxpayer housing assistance, there are 3,078 developments with 315,504 affordable rental homes. There are 2,848 developments with 290,836 with income and rent limitations, with another 230 properties and 24,668 units in development.
According to the report, home prices held steady from 2022 to 2024, with the median home price reaching $411,600 in the first half of 2024.
Sales continue to drop, as 333,655 single family sales occurred in 2023, down from the peak in 2021 when nearly 475,000 were sold.
The Shimberg Center was created in 1988 by the Legislature and its purpose is to study safe and affordable housing and community development issues.
