Florida Single-Family Home Sales Slip 3.5% in September as Rising Mortgage Rates Stall Growth

Florida's single-family home sales slipped 3.5% in September from a year earlier, even as the statewide median price edged up 1.2% to $415,000, according to data released by Florida Realtors. The September report and the group's third-quarter figures show a market that has lost momentum under rising mortgage rates but has not broken down: prices are holding, inventory is tighter than a year ago, and homes that do sell are going under contract faster.

The September price gain was the seventh straight month in which the single-family median rose year over year. The condo and townhouse market moved the other way on price, with the median falling 1.8% to $293,500, though condo sales were essentially flat for the month and rose 3.1% for the quarter.

September and third quarter by the numbers

Florida Realtors' statewide figures for September and for the July through September quarter compare as follows, with changes measured against the same period in 2025.

Pending sales, a gauge of where closings are headed, weakened in September. New single-family pending sales fell more than 7.5% from a year earlier, while condo and townhouse pendings fell 3.5%, according to Florida Realtors. Condo closings for the month came in just eight sales below September 2025.

Rising rates put a halt to growth

Florida Realtors Chief Economist Brad O'Connor pointed to borrowing costs as the main force behind the slowdown. In the association's release, he called rising mortgage rates "the biggest story for the housing market" and said the increase in rates so far this year "has been enough to put a halt to this growth" after earlier gains in sales. He added that higher rates are weighing on sales, particularly in the single-family market.

O'Connor also cautioned against reading too much into one month. He said the September decline is "not a major shift in the sales trend by any stretch," while noting that a swing from positive to negative growth can carry a psychological effect for buyers and sellers. His summary: the story "remains one of a housing market that has lost some momentum, but certainly hasn't fallen apart."

Rates have stayed high into the fall. Freddie Mac's weekly Primary Mortgage Market Survey put the average 30-year fixed rate at 7.32% on Oct. 22, down from 7.40% the week before but well above the 6.19% average a year earlier. The 15-year fixed rate averaged 6.68%. Freddie Mac described the latest weekly decline as offering some relief to prospective homebuyers.

Homes reached contract faster in the third quarter

The quarterly figures show buyers who are still in the market moving more quickly than a year ago. The median time to contract for single-family homes shortened to 47 days in the third quarter from 52 days a year earlier, and sellers received a median 96% of their original list price, up from 94.9%, according to Florida Realtors.

Supply has tightened as well. Active single-family inventory ended the quarter at 95,799 homes, down 9.8% from a year earlier, which works out to a 4.4-month supply compared with 5.1 months in the third quarter of 2025. New pending sales fell 2.5% to 65,973 for the quarter, and new listings were nearly unchanged.

The gains were concentrated at the top of the market. Sales of single-family homes priced at $1 million or more rose 14.9%, and every reported price bracket above $600,000 posted gains. Homes in the $700,000 to $799,999 band had a median time to contract of 41 days, a 22.6% improvement from a year earlier.

The middle of the market was softer. In the $300,000 to $399,999 range, the largest category by number of transactions, sales declined 4.7%, although the median time to contract fell 7.8% to 47 days. The $200,000 to $299,999 band was the one exception to the faster pace: sales there were virtually flat, and the median time to contract held at 51 days. O'Connor said the overall trend for home sales is "not overwhelmingly different" from the recent pattern.

Condo buyers gain leverage

Florida's condo and townhouse market posted 22,664 closed sales in the third quarter, up 3.1% from a year earlier and outpacing the 0.2% gain for single-family homes. The quarterly condo median held at $295,000, unchanged from 2025.

Supply is much deeper on the condo side. At 7.7 months, the September supply of condos and townhouses was well above the 4.4 months for single-family homes, giving condo buyers more room to negotiate while sellers face more competition, according to Florida Realtors. The September condo median was $121,500 below the single-family median.

O'Connor said condos benefit from a lower price point at a time when affordability remains a challenge for many buyers. The association also noted that association fees, reserves and potential special assessments can add to the cost of condo ownership, a concern that has followed the state's condo market since Florida tightened building safety and reserve requirements after the 2021 Surfside collapse.

South Florida prices keep climbing

Prices in Florida's most expensive metro area continued to rise faster than the state as a whole. Miami-Dade County's single-family median reached $692,000 in September, up about 4%, and Broward County's rose about 2% to $641,500, according to county-level September market data published by a South Florida real estate brokerage. Broward's single-family closed sales fell about 7% for the month in that data, a steeper drop than the statewide decline.

Florida Realtors directs members and consumers to its SunStats database for county and metro figures, which break down the statewide totals by local market.

What it means for buyers and sellers

For buyers, the third-quarter data point to a market with more negotiating room on condos, steady but slower price growth on single-family homes, and borrowing costs that remain the largest obstacle. For sellers, homes priced to the market are still moving faster than a year ago, and the share of list price received has improved.

Chuck Bonfiglio, the 2026 president of Florida Realtors, summed up the conditions in the association's release: "Today's market rewards preparation and realistic expectations."

What's next

Florida Realtors will release October sales figures next month, which will show whether the September drop in single-family closings extends into the fall after pending sales fell more than 7.5%. Freddie Mac publishes its next weekly rate survey on Thursday, Oct. 29. Whether rates continue the modest decline seen in the Oct. 22 survey or climb again will shape how many Florida buyers return to the market heading into the winter season, when seasonal residents and out-of-state buyers typically become more active.