Florida Home and Condo Sales Rose in July as Condo Prices Held Flat

Florida's housing market posted higher closed sales and more new pending sales in July for both existing single family homes and existing condominium and townhouse properties, according to the monthly market data compiled by Florida Realtors. The gains came with a notable split: single family median prices rose year over year, while the condo and townhouse median price was unchanged from July of last year.

Closed sales of existing single family homes totaled 23,870 statewide in July, an increase of 5.1 percent from the same month a year earlier. Existing condominium and townhouse sales totaled 8,194, up 11 percent year over year. Both categories also showed growth in new pending sales, the measure of contracts signed during the month, which is generally read as a forward indicator of closings in the following 30 to 60 days.

The divergence between the two property types has been the defining feature of Florida's housing market through 2026. Buyers have returned to the condo market in volume, but that renewed activity has not yet translated into price appreciation, because inventory in the condo segment remains substantially heavier than in the single family segment.

What the numbers show

Inventory is the clearest explanation for the price divergence. Condominium and townhouse properties stood at a 7.8 months' supply in July. Months of supply measures how long the current inventory would last at the current pace of sales, and the National Association of Realtors has long treated roughly 5.5 months as the rough dividing line between a market that favors sellers and one that favors buyers.

At 7.8 months, the condo segment sits well into buyer's market territory. That level of inventory gives buyers negotiating leverage on price and on concessions such as closing cost credits and repair allowances, which is consistent with a market where transaction volume rises while the median price does not.

The single family segment carries meaningfully lighter inventory, which is why prices there continued to increase even as sales volume grew. When both sales and prices rise together, it generally indicates demand outpacing the addition of new listings.

The median price statistic itself deserves a caution. The median reflects the midpoint of what actually sold in a given month, so it moves with the mix of properties transacting as well as with underlying values. A month with a heavier share of lower priced sales can show a flat or falling median even where individual property values are stable.

Why Florida condos are different

Florida's condo market operates under conditions that do not apply in most of the country. Following the 2021 collapse of the Champlain Towers South building in Surfside, the Legislature enacted structural safety requirements that fundamentally changed the financial obligations of condominium associations across the state.

Those requirements include milestone structural inspections for buildings above a certain age and height, and structural integrity reserve studies that determine how much an association must set aside for major building components such as the roof, load bearing walls, plumbing, electrical systems and waterproofing. Associations are required to fund those reserves rather than waive them, as many had done for years.

The practical result has been sharply higher monthly assessments in many older coastal buildings, and in some cases large special assessments to cover deferred work identified by inspections. For buyers, the monthly carrying cost of a Florida condo now frequently includes an association fee that has risen substantially, on top of a property insurance market that has been difficult for coastal multifamily buildings.

That cost structure suppresses what buyers are willing to pay for the unit itself. A prospective purchaser evaluating total monthly cost will discount the purchase price to accommodate a higher assessment, which is one mechanism by which condo prices can stay flat even as sales volume climbs.

The financing picture

Mortgage rates remain the central affordability variable. The Federal Open Market Committee left the federal funds rate in the range of 3.50 to 3.75 percent at its July meeting, holding at the level it has maintained since December of last year. Mortgage rates do not track the federal funds rate directly; they follow longer term Treasury yields, particularly the 10 year, which reflect investor expectations about inflation and growth.

Industry forecasts have generally pointed to 30 year fixed rates settling in the vicinity of 6.5 percent for the foreseeable future rather than returning to the levels that prevailed earlier in the decade. At those rates, monthly payment math rather than list price is what determines what most buyers can transact.

Condo financing carries an additional complication. Loans eligible for purchase by the government sponsored enterprises require the project itself to meet eligibility criteria, including standards for reserves, deferred maintenance and the share of units that are owner occupied. Buildings that fall short can end up on lists that make conventional financing difficult, which narrows the buyer pool to cash purchasers and further weighs on price.

What it means for Floridians

For buyers, the July data describes a market with more choice than at any point in several years, particularly in the condo segment. Higher inventory and longer marketing times mean buyers can inspect thoroughly, negotiate, and walk away from properties that do not meet their criteria.

Buyers considering a condominium should treat the association's finances as part of the property being purchased. Florida law entitles a buyer to review association documents, including the most recent structural integrity reserve study and milestone inspection report where applicable, budget documents and records of pending or planned special assessments. Those documents determine the real cost of ownership more than the listing price does.

For sellers, the market rewards accurate pricing. In a segment carrying nearly eight months of supply, an overpriced listing accumulates days on market and typically sells for less than a correctly priced listing would have. Sellers of condominium units benefit from having association documentation assembled and current before listing, because gaps in that record slow transactions and cost deals.

For current owners not transacting, the flat condo median is neither good news nor bad in isolation. It reflects a market absorbing a structural change in cost, not a collapse in demand, as the 11 percent increase in sales volume demonstrates.

Local impact across the state

Statewide figures conceal wide regional variation. South Florida, with the largest concentration of aging coastal condominium stock in Miami-Dade, Broward and Palm Beach counties, has the greatest exposure to the reserve and inspection requirements. Buildings constructed in the 1970s and 1980s along the coast are where assessment increases have been most severe.

The Southwest Florida market in Lee, Collier and Charlotte counties carries the additional overhang of hurricane recovery and insurance cost, particularly in coastal communities. The Tampa Bay region, spanning Hillsborough, Pinellas, Pasco and Manatee counties, has seen strong single family demand driven by continued in migration and employment growth.

Central Florida markets around Orlando are shaped by a distinctive mix of primary residence demand and short term rental investment, and by the volume of new construction in Orange, Osceola, Lake and Seminole counties. New construction competes directly with resale inventory and is not captured in the existing home figures.

Northeast Florida around Jacksonville and the Panhandle markets have generally shown steadier price behavior, with less of the condo specific pressure that dominates the southern coastal counties.

What months of supply actually measures

Months of supply divides current active inventory by the recent monthly pace of sales, producing an estimate of how long it would take to sell everything currently listed if no new listings appeared. It is the most widely used single indicator of market balance.

The metric has limitations. It assumes the current sales pace continues, which is not reliable during seasonal transitions or when rates move. It also treats all inventory as equivalent, when in practice a market can carry high overall supply while specific price bands and locations remain tight.

Florida's condo segment at 7.8 months is carrying inventory concentrated in particular building types and locations, principally older coastal buildings facing assessment pressure. Newer buildings and those with completed reserve funding face a different market than the aggregate number suggests.

The insurance variable

Property insurance has been the dominant cost pressure in Florida housing for several years, and there are signs of improvement. Citizens Property Insurance Corporation approved rate recommendations reducing average rates for personal lines policyholders for the first time since 2015, with a statewide average reduction of 8.7 percent.

Private carriers have also filed rate decreases for 2026, and Citizens has shrunk substantially as policyholders transition to the private market. The state run insurer's policy count declined sharply from its peak, which is the outcome the depopulation programs were designed to produce.

Lower premiums improve the qualification math for buyers directly, because insurance is included in the debt to income calculation lenders use. A meaningful reduction in premiums expands the price range a given household can finance, independent of any movement in mortgage rates.

What is next

Florida Realtors publishes market data monthly, and the August figures will show whether the July increase in new pending sales converted into closings. The relationship between pending and closed sales is the most reliable near term signal in the dataset.

The condo segment's trajectory depends substantially on how quickly associations complete their inspection and reserve obligations. Buildings that have finished the work and funded their reserves present buyers with a known cost structure, which supports pricing. Buildings still working through the process carry unresolved risk that buyers price in.

The Federal Reserve's September meeting is the other variable to watch. Market pricing has been mixed on the direction of that decision, and any meaningful move in the 10 year Treasury yield would flow through to mortgage rates and to Florida affordability within weeks.