Key Insights on Foreclosures, Affordability, Home Prices, and Sales Trends
Florida, the Sunshine State, presents a dynamic real estate market influenced by various factors, including economic cycles, migration patterns, and natural disasters. Using data from ATTOM, we explore key aspects such as foreclosures, affordability, home prices, and recent sales trends.
In Q4 2024, the home affordability index varied significantly across different counties in Florida. For instance, Miami-Dade County had a median sales price of $525,000 and an affordability index of 62, indicating higher home prices relative to local incomes. Broward County, with a median sales price of $440,000, had an affordability index of 59, also reflecting affordability challenges.
On the other hand, counties like Alachua and Bay offered relatively more affordable options. Alachua County had a median sales price of $303,000 and an index of 72, while Bay County’s median price was $365,000 with an index of 67.
Foreclosure activity is a critical indicator of market health. According to ATTOM’s latest November 2024 foreclosure report, Florida experienced 3,254 foreclosure filings, making it the state with the second highest foreclosure rate in the country. This translates to 1 in every 3,047 housing units, or 0.03% of all housing units.
The breakdown of foreclosure filings in November 2024 is as follows:
| Lis Pendens (LIS) | Notice of Foreclosure Sale (NFS) | Real Estate Owned (REO) | Total |
| 2,438 | 682 | 134 | 3,254 |
Compared to the previous month, October 2024, foreclosure filings increased by 1.28%, and compared to November 2023, they rose by 8.65%. This upward trend highlights ongoing challenges within the housing market, particularly as economic pressures persist.
Florida’s most recent Q3 2024 home sales report reveals notable trends in the real estate market:
- FHA Sales Share: The share of sales financed by FHA loans increased to 11.1% in Q3 2024, up from 9.4% in Q3 2023 and 9.6% in Q2 2024, marking a 1.7 percentage point year-over-year change.
- Cash Sales Share: Cash sales accounted for 40.7% of all transactions in Q3 2024, down from 44.1% in Q3 2023 and 46.2% in Q2 2024, with a year-over-year decrease of 3.4 percentage points.
- Institutional Investor Sales Share: Sales to institutional investors slightly declined to 6.0% in Q3 2024, compared to 6.6% in Q3 2023 and 6.1% in Q2 2024, reflecting a 0.7 percentage point decrease year-over-year.
- REO Sales Share: The percentage of real estate owned (REO) sales remained stable at 0.9% in Q3 2024, consistent with Q3 2023 and Q2 2024, showing a negligible change of -0.1 percentage points year-over-year.
Florida’s real estate market, as evidenced by ATTOM, is vibrant and evolving. Focusing on key aspects such as home prices, affordability, foreclosures, and sales trends provides a comprehensive view of its current state and future potential. Staying informed with reliable data will be crucial for navigating this dynamic market successfully.
Written by: Jennifer Von Pohlmann