Brevard's July median home prices show heat, not cool down

Rob Landers, Florida Today
·3 min read

There is no crystal ball.

That's typically the kind of answer given when real estate professionals are asked where they see the market headed.

And if anyone thought we were in a cool-down period going into July, well, they were wrong.

According to the latest data from the Space Coast Association of Realtors, Brevard's single family median home price saw a fairly negligible year over year increase in July at $370,000 compared to $369,900 in 2022. But month over month? That's $5,000 up from June's median price and nearly to the level of May's $371,450. We don't seem to be cooling down, but more like holding steady.

The median sales prices is the point in the market at which half the homes sold for more and half the homes sold for less.

The median price for townhomes and condos however did see a drop in July by 12.4 percent year over year to $265,000 compared to 2022's $302,450. It also represents a more than $35,000 drop from June's median price of $301,950.

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June's housing statistics: Brevard home prices drop month over month, but is it a 'cool down'?

New listings drop

For the second month in a row, Brevard's seen a more-than-20 percent drop in new single family home listings year over year with a 20.7 percent drop in July and a 23.7 percent drop in June.

New townhome and condo listings also fell for a second month, dropping 14.5 percent in July compared to 2022.

Closed sales are down

Closed sales on single family homes continued to fall in July. There were 835 closings compared to 890 in July 2022, a 6.2 percent year over year drop. And while it's the third straight month for drops in closings, it's also the first time in three months that closings have been under 1,000 units.

Townhomes and condos saw a modest increase in closings with a half percent bump year over year, topping last July's 204 closings by one more unit.

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Other statistics

  • Cash sale: Single family homes saw an 18.2 percent drop in cash sales year over year in July. Townhomes and condos saw an 8.1 percent increase year over year.

  • New Pending Sales: Single family homes saw a minuscule dip of .3 percent over July 2022. Townhomes and condos dropped 13.9 percent year over year.

  • Months' Supply of Inventory: Single family homes saw a 15.8 percent increase to 2.2 months, an increase from 1.9 months in July 2022. Townhomes and condos saw a massive increase of 83.3 percent to 3.3 months inventory compared to 1.8 months in July 2022.

  • Traditional Sales: Single family homes saw a 6.1 percent drop year over year in July. Townhomes and condos saw zero change year over year.

  • Foreclosure/REO Sales: Zero change year over year for single family homes with with 2 closed sales Townhomes and condos saw a 100 percent increase in this sector. Closings for townhomes were not provided by the Realtor's Association.

  • Short Sale Closings: There were no short sales closings for single family homes or townhomes/condos in July.

Rob Landers is a veteran multimedia journalist for the USA Today Network of Florida. Contact Landers at 321-242-3627 or rlanders@gannett.com. Instagram: @ByRobLanders Youtube: @florida_today

This article originally appeared on Florida Today: Brevard median home prices don't dip in July