Florida Home Sales Post an 11th Straight Month of Gains

Florida's housing market recorded its 11th consecutive month of year-over-year closed sales gains in July, according to data released by Florida Realtors, a run that suggests buyers have adjusted to a mortgage rate environment that has stayed near 6.7 percent for most of the year.

Closed sales of existing single-family homes statewide totaled 23,870 in July, up 5.1 percent from July 2025. Existing condominium and townhouse sales totaled 8,194, up 11 percent year over year. Both categories have now posted gains in each of the last 11 months, an unusually sustained streak for a market that spent 2023 and much of 2024 contracting.

The statewide median sale price for existing single-family homes rose 3.7 percent to $425,000. The condo and townhouse median held steady at $295,000, continuing a pattern in which the two segments have diverged sharply since 2024.

What the numbers show

The July report describes a market where transaction volume is recovering faster than prices are climbing. A 3.7 percent annual increase in the single-family median is modest by the standards of 2021 and 2022, when Florida saw double-digit annual appreciation in most metropolitan areas.

Inventory tells a more complicated story. Single-family existing homes stood at a 4.5 months' supply in July, while condo and townhouse properties were at 7.8 months. Real estate economists generally treat roughly 5.5 months as a balanced market, which means the single-family segment is tilted modestly toward sellers while the condo segment is clearly tilted toward buyers.

That gap has persisted for more than a year. It reflects a set of pressures specific to Florida condominiums, including the structural inspection and reserve funding requirements the Legislature enacted after the Surfside collapse, rising association fees and insurance costs that fall on the association rather than the individual owner.

The Florida context

Florida's housing market operates under conditions that differ from most of the country. The state absorbs sustained in-migration, which supports demand. It also carries hurricane exposure, which drives insurance costs that feed directly into the monthly carrying cost of a home and therefore into what buyers can afford.

Property insurance has been the central variable. State regulators approved rate reductions for Citizens Property Insurance Corporation policyholders in 2026, and several private carriers have re-entered or expanded in the Florida market after legislative changes to litigation rules. Those developments have eased, though not eliminated, the pressure premiums place on affordability.

Property taxes are the other major carrying cost, and they are on the November ballot. Amendment 3, which the Legislature placed before voters during a June special session, would create a homestead exemption of $150,000 in 2027 rising to $250,000 in 2028 for levies other than school district taxes, and would reduce the annual assessment growth cap on non-homestead property from 10 percent to 5 percent.

Mortgage rates and the buyer math

The 30-year fixed mortgage rate averaged in the mid-6 percent range through the first half of August, according to Freddie Mac's weekly survey. The Federal Reserve held its benchmark rate steady at its July meeting, the fifth consecutive pause, and has signaled it does not expect to cut rates through the end of 2026.

At a 6.7 percent rate, a buyer financing the $425,000 statewide median with 20 percent down faces a principal and interest payment of roughly $2,200 per month before taxes, insurance and any association fees. In much of Florida, insurance and taxes add several hundred dollars more.

The persistence of sales growth despite that math suggests a market where buyers have stopped waiting for rates to fall. Mortgage industry forecasts have repeatedly projected declines that did not materialize, and the practical result has been that transactions resumed at the prevailing rate rather than at a hoped-for lower one.

What it means for Floridians

For sellers of single-family homes, a 4.5 month supply means properties priced in line with the market are still moving, though not with the speed of the pandemic-era market. Days on market have lengthened relative to 2021 across most Florida metropolitan areas.

For condominium sellers, the 7.8 month supply means more competition and greater buyer leverage. Buyers in that segment are asking harder questions about reserve studies, structural integrity reserve funding and pending special assessments, and units with unresolved assessment questions have been slower to transact.

For buyers, the current environment offers more selection than at any point since 2019 in many markets, particularly in the condo segment. The trade-off is a financing cost roughly double what buyers faced in 2021, which changes the calculation on how much house a given household income supports.

Local impact across the state

Southwest Florida, which absorbed direct hurricane impacts in recent seasons, has seen inventory build faster than the statewide average in some submarkets. Lee and Charlotte counties in particular have carried elevated condo inventory.

Tampa Bay and Central Florida have been supported by employment growth and continued domestic in-migration. Both regions have seen single-family inventory remain tighter than the condo segment, consistent with the statewide pattern.

South Florida remains the highest-priced market in the state and the one where the condo dynamics are most pronounced, given the concentration of older coastal buildings subject to the milestone inspection requirements. Luxury sales in the region have held up better than the middle of the market.

The condominium problem in detail

Florida's condominium market has been operating under a set of requirements the Legislature enacted following the 2021 collapse of Champlain Towers South in Surfside, which killed 98 people. Those requirements changed the economics of condominium ownership in ways that are still working through the market.

Milestone structural inspections are now required for buildings of three stories or more at defined intervals based on age and proximity to the coast. Buildings that fail an initial inspection must undergo a more detailed phase two evaluation, and identified deficiencies must be addressed.

Structural integrity reserve studies are the second requirement, obligating associations to determine what reserve funding is needed for major components including roofs, load-bearing walls, plumbing and electrical systems. Associations must fund those reserves rather than waiving them, which many had done for years to keep monthly fees low.

The combined effect has been substantial increases in monthly assessments in older buildings, along with special assessments where deferred maintenance was significant. Those costs are why the condo segment carries a 7.8 month supply while single-family homes sit at 4.5 months, and why buyers now scrutinize association financial documents closely.

Insurance as the hidden variable in every transaction

Property insurance affects Florida home sales in ways that do not appear directly in price or inventory data. Lenders require coverage, which means a buyer who cannot obtain an affordable policy cannot close, regardless of what they agreed to pay for the house.

Roof age has become a decisive underwriting factor. Many Florida carriers decline to write policies on roofs beyond a certain age or require replacement as a condition of coverage. That requirement can add tens of thousands of dollars to a transaction and has become a common negotiating point between buyers and sellers.

Citizens Property Insurance Corporation, the state-created insurer of last resort, absorbed enormous policy growth during the years when private carriers withdrew from Florida. State policy has since worked to move policies back into the private market through a depopulation process, which changes coverage terms and pricing for affected homeowners.

Flood insurance operates separately, largely through the National Flood Insurance Program, and its pricing has been changing under a federal methodology that ties premiums more closely to individual property risk. For coastal and low-lying properties, that transition has produced meaningful premium increases.

Who is buying Florida homes

Florida's buyer mix differs from most states. Domestic in-migration has been a sustained driver, with the state consistently ranking among the leaders in net inbound moves, drawn by the absence of a state income tax, employment growth and climate.

Retirees remain a significant segment, though the age profile of Florida in-migration has skewed younger in recent years as remote work made relocation feasible for people still in their careers. That shift changes what buyers want, with home office space and school quality mattering more than in a purely retiree market.

Cash purchases represent an unusually high share of Florida transactions relative to the national average, which insulates part of the market from mortgage rate changes. Cash buyers include investors, second-home purchasers and relocating households with substantial equity from a prior sale.

International buyers have historically been a factor particularly in South Florida, with buyers from Latin America and Canada representing meaningful volume. That segment fluctuates with currency movements and economic conditions in origin countries.

What buyers and sellers should watch

Sellers entering the market this fall face a different environment than in 2021. Pricing to the market rather than above it has become the difference between a transaction and an extended listing, and days on market have lengthened across most Florida metropolitan areas.

Buyers have leverage they did not have three years ago, particularly in the condo segment. Requesting seller concessions toward closing costs or toward a mortgage rate buydown has become a common negotiating tool, and sellers in slower submarkets have generally been receptive.

Inspection and insurance contingencies deserve particular attention in Florida transactions. Buyers should obtain an insurance quote early in the contract period rather than at the end, since an unaffordable or unavailable policy can derail a closing after other work is complete.

Association documents matter enormously in condominium purchases. Reserve studies, milestone inspection reports, budgets and minutes reveal pending assessments and deferred maintenance that will not appear anywhere in a listing.

What's next

Florida Realtors publishes statewide and county-level housing data monthly, with the August report due in late September. That release will show whether the streak of year-over-year sales gains extends to a 12th month.

The Amendment 3 vote on November 3 is the single largest variable for Florida housing costs on the near horizon. The state's Revenue Estimating Conference has estimated the measure would reduce revenue by approximately $12 billion on a recurring basis, a figure that has drawn attention from local governments that depend on property tax collections.

The Federal Reserve's remaining 2026 meetings will shape the mortgage rate environment heading into 2027. Market expectations currently price in no cuts through year-end, but that outlook has shifted repeatedly over the past two years.