Central Florida Real Estate Recap of August 2024

August’s interest rate was the lowest that interest rates have been since August 2022

State of the Market

  • August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
  • Homes spent an average of 57 days on the market (DOM) in August – up from 55 in July.
    • In August 2023, homes spent an average of 41 days on the market.
  • Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015.
    • Inventory in August 2024 was 88.2% higher than in August 2023.
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Why Are HOA Fees So High in Florida?

Homeowners’ Association (HOA) fees are a necessary part of maintaining the quality and functionality of many communities, particularly in Florida where these fees fund everything from essential services like utilities to amenities like pools and landscaping. But recently, homeowners have been hit with significant increases in these fees, raising the question: why are HOA fees so high in Florida? Over the past five years, HOA fees in some areas, such as South Florida, have skyrocketed. For example, in Miami-Dade County, the median monthly condo association fee jumped nearly 60%, from $567 in 2019 to $900 in 2023. Broward County saw a similar trend, with fees rising more than 56% during the same period. 

This…

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