Florida Home Sales Rise for an 11th Straight Month as the Condo Market Splits From Single-Family

Florida's housing market posted another month of rising sales in July, extending a streak that now runs nearly a year, according to the monthly report from Florida Realtors. Closed sales of existing single family homes totaled 23,870 statewide, up 5.1 percent from July 2025, while existing condo and townhouse sales totaled 8,194, up 11 percent year over year.

The statewide median sales price for single family existing homes was $425,000 in July, up 3.7 percent from a year earlier. The median for condo and townhouse units was $295,000, unchanged from July 2025. New pending sales rose in both categories, suggesting the momentum carried into August.

Underneath the headline growth, the two halves of Florida's market are behaving differently. Single family homes sat at a 4.5 months supply of inventory in July. Condos and townhouses sat at 7.8 months, a level that in most markets indicates conditions favoring buyers rather than sellers.

What the numbers show

Months supply measures how long it would take to sell the existing inventory at the current sales pace. A market in rough balance is conventionally described as five to six months. By that measure, Florida's single family market remains modestly tilted toward sellers while the condo market has moved well past balance into buyer territory.

The sales growth is genuine but should be read against the comparison period. Sales volumes through 2024 and much of 2025 were depressed by high mortgage rates and a wide gap between buyer and seller expectations. Eleven consecutive months of year over year growth reflects a market recovering from a low base rather than one returning to the volumes of 2021 and 2022.

Price behavior tells the same story of divergence. Single family median prices continue to grind higher at a rate roughly in line with general inflation. Condo prices have gone flat statewide, and in several coastal submarkets they have declined from their peaks.

Why condos are behaving differently

The condo market carries a set of costs that single family ownership does not. Following the 2021 Surfside collapse, Florida enacted requirements for milestone structural inspections and for buildings to fund structural integrity reserve studies, with associations required to fund reserves rather than waive them.

The practical consequence has been sharp increases in association dues and, in older buildings, special assessments that can run into tens of thousands of dollars per unit. A buyer evaluating a condo is now underwriting not only the mortgage, taxes and insurance but also a reserve obligation whose size depends on the building's age and condition.

Insurance compounds the effect. Coastal condo associations carry master policies whose premiums are passed through in dues, and buildings in the highest wind exposure zones have absorbed the steepest increases. The result is that two units with identical listing prices can carry monthly costs that differ by hundreds of dollars.

That dynamic explains why condo inventory has built up faster than single family inventory even as condo sales volumes rise. Sellers are more numerous, buyers are more selective, and price is doing the work of clearing the gap.

The mortgage rate backdrop

Financing costs remain the dominant variable for the market as a whole. The Federal Reserve has held its benchmark rate in a range of 3.50 to 3.75 percent since December 2025, leaving it unchanged through its July meeting. Thirty year mortgage rates have moved in a band roughly between 6 and 6.5 percent over the course of 2026.

The relationship between the Fed's policy rate and mortgage rates is indirect. Mortgage pricing tracks longer term yields, particularly the ten year Treasury, which respond to inflation expectations and to the balance of supply and demand in bond markets rather than to the central bank's short term target.

For Florida buyers, the practical effect of rates in the low to mid sixes is a monthly payment that constrains what a household can bid. At a $425,000 median price with a conventional down payment, principal and interest alone consume a substantial share of a median household's income before taxes, insurance and any association dues are added.

What it means for Floridians

Buyers have more leverage than at any point since 2020, particularly in the condo market. Rising inventory, longer days on market and flat prices give room to negotiate on price, on repairs and on closing costs, and to make offers contingent on inspection and financing without automatically losing the property.

Sellers of single family homes are still transacting in a reasonably healthy market but need to price realistically. Homes priced against 2022 comparable sales are sitting, while homes priced to current conditions are moving.

Condo sellers face the hardest environment, especially in buildings over 30 years old that have completed milestone inspections and identified required work. Buyers in that segment are asking for full reserve study documentation and association financials before making offers, and that scrutiny is now standard practice rather than an unusual request.

Local impact across the state

South Florida carries the largest concentration of the state's condo inventory, and Miami-Dade, Broward and Palm Beach counties have accounted for a substantial share of the statewide increase in condo listings. Older oceanfront buildings in that market face the steepest reserve obligations.

Southwest Florida, including Lee, Collier and Charlotte counties, is still working through the aftermath of recent hurricane seasons alongside the same condo dynamics. Insurance availability rather than price has been the binding constraint in some coastal submarkets there.

Central Florida and the Interstate 4 corridor have shown steadier single family performance, supported by job growth around Orlando and by relative affordability compared with the coasts. The Panhandle and north Florida markets, where median prices sit well below the statewide figure, have seen the least disruption.

New construction and the supply picture

Florida has permitted more new housing units than any state except Texas over recent years, and that pipeline is a substantial part of why inventory has recovered. Builders in Central Florida, the Interstate 4 corridor and the southwest coast have delivered communities at a pace that resale listings alone would not have matched.

Builders also carry a tool that individual sellers do not. Mortgage rate buydowns, where the builder pays points to lower a buyer's rate for an initial period or for the life of the loan, have been used aggressively across Florida markets and effectively lower the monthly payment without cutting the headline price.

That practice distorts comparisons between new and resale inventory. A new home listed at the same price as a resale down the street may carry a meaningfully lower monthly payment because of the financing incentive attached to it.

Individual sellers competing against builders have generally had to respond on price, on concessions toward closing costs, or on both. That competition is one reason resale price growth has moderated to roughly the rate of general inflation.

What days on market are telling us

Median days on market is often a better read on conditions than price, because price is sticky and time is not. Sellers resist cutting asking prices and instead wait, which means the first symptom of a cooling market is properties sitting rather than properties selling for less.

Florida's days on market figures have lengthened across both property types over the past two years, with the condo segment showing the more pronounced change. That pattern is consistent with the inventory data.

Price reductions are the second indicator. The share of active listings that have taken at least one price cut rises when initial pricing runs ahead of what buyers will pay, and that share has been elevated in several Florida markets.

For buyers, both metrics translate into negotiating room. A property that has been listed for 60 days with one price reduction is a different negotiation than one listed last week, and Florida currently has a substantial supply of the former.

What insurance costs do to affordability

Florida buyers evaluating a purchase have to underwrite a monthly obligation that includes more components than buyers in most states. Principal, interest, property taxes, homeowners insurance, flood insurance where required and association dues where applicable all combine.

Property insurance premiums, while declining this year in most Florida counties, remain among the nation's highest. That cost enters the debt to income calculation lenders use, which means insurance directly limits how much house a buyer qualifies for.

Flood insurance is a separate line for properties in mapped hazard zones, and the National Flood Insurance Program's authorization expires September 30 absent congressional action, which introduces timing risk for closings in early October.

Condo buyers add association dues that have risen substantially since Florida enacted structural reserve funding requirements. A building with a completed milestone inspection identifying required work may also carry special assessments.

The practical guidance is to obtain insurance quotes and, for condominiums, association financial documents before making an offer rather than during the inspection period, since those figures can change what a buyer can afford.

What's next

The next Florida Realtors monthly report, covering August, is the immediate marker to watch, particularly for whether condo inventory continues building or begins to stabilize. A twelfth consecutive month of sales growth would confirm the recovery trend.

The Federal Reserve's September meeting is the other near term event. Market pricing has been unsettled about the direction of the next move, and any shift in expectations about the path of rates would feed through to mortgage pricing within days.

The November 3 ballot adds a Florida specific variable. If voters approve the proposed constitutional amendment raising the homestead exemption to $250,000, the carrying cost of homesteaded ownership falls meaningfully for a large share of owners, which would change the calculation for buyers deciding between renting and purchasing.