Florida’s Housing: Closed and Pending Sales Up

 By Marla Martin

Florida Realtors Pres. Bonfiglio: Florida’s market is “showing a more balanced and sustainable direction.” 

Closed single-family March sales up 5.9%, condo sales up 12%.

ORLANDO, Fla. – As the spring season began, Florida’s housing market reported more closed sales, increased pending sales and a rise in pending inventory in March and the first quarter of 2026, compared to a year ago, according to Florida Realtors®’ latest housing data.

“Florida’s housing market is showing a more balanced and sustainable direction, with strong year-over-year gains in both sales and pending activity showing buyers are motivated and engaged,” said 2026 Florida Realtors® President Chuck Bonfiglio, broker-owner of AAA Realty Group in Plantation. “At the same time, inventory has improved, giving buyers more options, while price trends remain relatively steady overall – with modest single-family price growth and more flexibility in the condo-townhouse market.”

In a market like this, a Realtor® in Florida can make all the difference: helping buyers and sellers read local trends, price strategically and make smart decisions with confidence.”

Last month, closed sales of existing single-family homes statewide totaled 24,497, up 5.9% year-over-year, while existing condo-townhouse sales totaled 9,423, up 12% over March 2025. Meanwhile, 1Q 2026 closed sales of single-family homes totaled 59,174, up 5.3% year-over-year; closed condo-townhouse sales for 1Q totaled 22,567, up 9% compared to the same quarter a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O’Connor noted that March marked the seventh consecutive month that closed sales rose in both property categories.

“A major reason for the strong first quarter this year compared to last year is that mortgage rates in the first quarter of 2025 were fairly elevated, with the national average weekly 30-year fixed-rate mortgage ranging between 6.6% and just above 7% during that period,” he said. “By contrast, the average rate was closer to the 6-6.1% range most weeks throughout January and February of this year.”

O’Connor explained that mortgage rates started rising in March in response to a spike in global oil prices. Higher energy prices contribute to inflation because consumers pay more for gas and electricity while prices for food and other goods can also rise to compensate for higher transportation costs.

“In terms of closed sales, however, the recent increase in rates would have had little impact on the number of closings in March since financed closings would have mostly been locked into their rates before the oil shock occurred,” he said. “It’s also important to point out that mortgage rates, while higher now than they were a month or two ago, are still below the levels we were at one year ago, and they have even fallen back just a little here in April so far.”

The statewide median sales price for single-family existing homes in March was $420,000, up 1.8% from the previous year, while the statewide median price for condo-townhouse units was $315,000, the same as a year ago, according to data from the Florida Realtors Research Department in partnership with local Realtor® boards/associations. The median is the midpoint; half the homes sold for more, half for less.

For 1Q 2026, the statewide median price for single-family homes was $415,000, slightly up (0.1%) year-over-year; the statewide median price for condo-townhouse properties was $310,000, down 1.6% from the same quarter a year earlier.

The number of homes for sale statewide that went under contract in March and 1Q rose: New pending sales of existing single-family homes were up 3.3% in March and 7.1% for 1Q 2026 year-over-year. New pending sales of existing condo-townhouse units increased 9.6% in March and 11.6% for 1Q year-over-year.

“Positive growth in new pending sales for Florida in March is a hint that there are factors at play here (outside of mortgage rates) that could allow the market to continue to grow,” O’Connor said. “For one thing, incomes have continued to rise as time marches on, slowly eroding the affordability gap. And the march of time, as always, also brings changes to people’s lives that, in the case of some homeowners, might necessitate selling their current homes and purchasing others.”

“Overall, Florida’s housing market continues to get healthier and healthier by the month, at a slow but steady pace. At the state level, sales growth has been consistent, prices remain fairly level, and inventory has stabilized.”

Inventory (active listings) for both property categories dipped in March as well as for 1Q 2026, compared to a year earlier. Single-family existing homes were at a 4.8-months’ supply while condo-townhouse properties were at a 9.1-months’ supply for both timeframes.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and  look under Latest Releases or download the March 2026 and 1Q 2026 data report PDFs under Market Data. 

March 2026: Sales Rise for 7th Straight Month

Florida’s housing market is showing steady strength in 2026—despite rising mortgage rates. Watch for a breakdown of March and Q1 trends, including sales growth, inventory shifts, pricing and what’s ahead for buyers and sellers. NEXT REPORT: May 15

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© 2026 Florida Realtors®

South Florida Realtor Associations Merger Sets Record

 Miami and RWorld will merge May 11, creating a 93,000-member association and expanding MLS data, tools and reach across South Florida.

MIAMI — Two of South Florida’s largest Realtor® organizations and their multiple listing services are set to merge next month, creating what the organizations say will be the world’s largest local Realtor association.

The Miami Association of Realtors and Broward, Palm Beaches & St. Lucie Realtors, known as RWorld, announced Monday they will combine into one association and MLS effective May 11. The new group, pending National Association of Realtors® approval, would be called Miami and South Florida Realtors.

The merged association will represent about 93,000 members across Miami-Dade, Broward, Palm Beach, St. Lucie and parts of Martin counties. The Miami Association of Realtors has about 56,000 members, while RWorld has about 37,000.

“Together, the 93,000 membership is larger than 47 state associations, more than double the next largest local association in the U.S. at 43,000 members and about 33% larger than the next largest in the world,” the organizations said in a press release. “No other local real estate association can match the power of its members like Miami and RWorld, which sold $69 billion in total real estate volume in 2025.”

Teresa King Kinney and Dionna Hall will lead the new association as co-CEOs through the end of 2026. Kinney, who has led MIAMI for 33 years, previously announced plans to retire at the end of the year. Hall is expected to remain CEO in 2027 and beyond.

Evian White De Leon, Miami chief operating officer and chief legal counsel, will be the Miami and South Florida Realtors COO and chief of the Miami Realtors Division. Kim Hansen, RWorld COO, will be COO of BeachesMLS and chief of RWorld Division.

Alfredo Pujol, chairman of the board of Miami, will serve as the first chairman of the board. RWorld President Jonathan Dolphus will be the 2026 chair-elect and 2027 chairman of the board. Katherine Arteta will be the 2027 chair-elect.

The groups said both MLSs will initially continue operating separately before being combined later. Once unified, the MLS is expected to rank as the third largest in the nation, with about 93,000 subscribers, behind Bright MLS and the California Regional MLS, according to T3 Sixty’s 2025 rankings.

Members of the new organization will be able to use both Flexmls and Matrix, the groups said. Leaders also said division boards will remain in place to preserve the identities and traditions of both organizations.

Source: Miami Association of Realtors

© 2026 Florida Realtors®

Aging Homes Fuel Teardowns in Florida

 By Amy Connolly

Florida tops the nation in demolition permits, highlighting how older housing and demand are pushing rebuilds that could shift supply in key markets.

ORLANDO, Fla. — Older housing stock is keeping demolition activity elevated nationwide, with Florida accounting for the largest share of residential teardown permits, according to a National Association of Home Builders analysis of data from Construction Monitor.

Florida made up 14.6% of all U.S. demolition permits in 2025, more than any other state, underscoring how redevelopment is reshaping parts of the state’s housing market. The activity is largely tied to aging homes and continued population growth, which together are fueling demand for newer housing.

The state’s high share places it ahead of California (13.3%), New Jersey (10.4%), Texas (7.2%) and New York (4.1%), highlighting Florida’s combination of older housing in established metros and continued in-migration that keeps pressure on housing inventory.

“Collectively, the top five states accounted for nearly half of all residential demolition permits issued in 2025, highlighting the high degree of geographic concentration at the state level,” the NAHB said.

Nationally, demolition permits dipped slightly by 0.1% in 2025 compared to the previous year but remain well above pre-pandemic levels. Activity is up 34.2% since 2018, reflecting a longer-term trend of reinvestment in existing neighborhoods.

In 2024, teardown-related projects accounted for about 7% of single-family housing starts, signaling their role in adding supply, particularly in built-out areas where vacant land is limited.

For real estate professionals, the trend points to shifting opportunities in redevelopment markets, where older properties may be replaced with newer homes that better match current buyer preferences. It also reflects ongoing constraints in housing supply, as builders look to infill lots and teardown sites to meet demand.

While demolition levels have leveled off after a surge in 2021 and 2022, they remain historically elevated – a sign that redevelopment will continue to play a key role in Florida’s housing pipeline.

Source: NAHB

© 2026 Florida Realtors®

Hispanic Buyers Power Florida Home Sales

 By Amy Connolly

Latino households are driving housing demand, especially in Florida. Entry-level inventory will stay tight as younger buyers enter the market.

ORLANDO, Fla. — Hispanic homebuyers are driving U.S. homeownership growth, a trend with outsized implications for Florida, where Latino households make up a large and expanding share of housing demand.

A new report from the National Association of Hispanic Real Estate Professionals found Hispanic households added a net 441,000 new homeowners in 2025, bringing the total to a record 10.2 million.

This marks the largest single-year increase in Hispanic homeownership since the U.S. Census Bureau started tracking this data, occurring during a time when homeownership among most other demographic groups declined.

In Florida, where population growth and an influx of new residents already strain housing supply, the findings highlight a key force shaping the market. Latino buyers have been among the fastest-growing segments in metro areas including Miami, Orlando and Tampa, particularly in entry-level and mid-priced homes.

Nationally, Hispanic households also formed more than 1 million new households last year, representing about 92.6% of total U.S. household growth – a leading indicator of future homebuying activity. Florida boasts the third largest Hispanic population in the U.S. with 6.7 million people, behind California (16.1 million) and Texas (12.6 million)

At the same time, the report points to a shifting housing market. Slower price growth, moderating mortgage rates and increased inventory at higher price points are giving buyers more negotiating power. Still, competition remains intense for homes priced below about $350,000, where supply continues to lag demand.

Those conditions are especially relevant in Florida, where affordability constraints and limited inventory have made it harder for many first-time buyers to enter the market.

Despite those challenges, demographic trends suggest sustained demand. The median age of the Hispanic population is about 31, positioning the group to drive homeownership growth for years to come.

The report also notes broader risks that could influence housing activity, including immigration policy changes and labor shortages in construction, which can limit new homebuilding.

Without Hispanic homebuyers, the U.S. housing market would have posted a net loss of homeowners in 2025, underscoring the group’s growing role – particularly in high-growth states like Florida.

Source: NAHREP

© 2026 Florida Realtors®

Florida Metros Boost February Pending Sales

 National pending home sales rose 1.8%, with Florida metros like Jacksonville and Miami posting strong gains, signaling steady demand and more closings ahead.

WASHINGTON — Pending home sales in February increased by 1.8% from the prior month and declined 0.8% year-over-year, according to the National Association of Realtors® Pending Home Sales report. The report provides the real estate ecosystem – including agents and homebuyers and sellers – with data on the level of home sales under contract.

Month-over-month pending home sales rose in the Midwest, South and West, and declined in the Northeast. Year-over-year pending home sales rose in the South and West and declined in the Northeast and Midwest.

“The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates,” said NAR Chief Economist Dr. Lawrence Yun. “The Midwest – the most affordable region of the country – was the strongest performer in February. But the Northeast was held back by a combination of higher home prices and a shortage of supply.”

“For first-time homebuyers, purchasing a home is not a snap decision,” Yun added. “It takes time to build credit, save for a down payment, and fulfill existing rental lease agreements. Still, there is sizable pent-up demand that could be released into the market. Although job gains have been sluggish in recent months, there are still 6 million more jobs in the country than in the pre-COVID period.”

February 2026 national pending home sales

• 1.8% increase month-over-month
• 0.8% decrease year-over-year

February 2026 regional pending home sales

Northeast

• 3.6% decrease month-over-month
• 12.1% decrease year-over-year

Midwest

• 4.6% increase month-over-month
• 0.1% decrease year-over-year

South

• 2.7% increase month-over-month
• 1.2% increase year-over-year

West

• 0.9% increase month-over-month
• 3.2% increase year-over-year

At the local level, several markets posted notable year-over-year gains in pending home sales. Among the 50 largest metro areas, the following 10 markets posted the biggest annual increases in pending home sales, according to data from Realtor.com® Economics:

1. San Diego–Chula Vista–Carlsbad, CA (+13.5%)
2. Jacksonville, FL (+12.1%)
3. San Jose–Sunnyvale–Santa Clara, CA (+10.6%)
4. Denver–Aurora–Centennial, CO (+10.5%)
5. Miami–Fort Lauderdale–West Palm Beach, FL (+10.0%)
6. Phoenix–Mesa–Chandler, AZ (+9.8%)
7. Sacramento–Roseville–Folsom, CA (+9.3%)
8. Kansas City, MO-KS (+8.7%)
9. Austin–Round Rock–San Marcos, TX (+8.1%)
10. Oklahoma City, OK (+7.4%)

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

© 2026 National Association of Realtors® (NAR)

Florida’s Housing: Closed, New Pending Sales Up

 Florida Realtors chief economist: For the sixth straight month, closed sales rose for both single-family homes, up 3.9%, and condo-townhouses, up 8.6%.

ORLANDO, Fla. — In February, Florida’s housing market reported more closed sales and new pending sales compared to a year ago, while median prices continued to ease but at a slower pace, according to Florida Realtors®’ latest housing data.

“Florida’s housing market continued building momentum in February as we move toward the spring buying season,” said 2026 Florida Realtors President Chuck Bonfiglio, broker-owner of AAA Realty Group in Plantation. “Closed sales and pending sales both rose year-over-year, showing that buyers remain active across many parts of the state.

“As the market continues to stabilize, the guidance of a local Realtor® – backed by the market expertise and data Florida Realtors provides – can help buyers and sellers confidently navigate the complex process of buying or selling a home.”

Closed sales of single-family homes statewide last month totaled 18,379, up 3.9% compared to February 2025, while existing condo-townhouse sales totaled 7,060, up 8.6% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor® boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Closed sales (for both single-family homes and condo-townhouse units) were up year-over-year for the sixth straight month, while median prices in both categories remained close to where they were a year ago,” said Florida Realtors Chief Economist Dr. Brad O’Connor.

The statewide median sales price for single-family existing homes last month was $412,000, down 0.7% from a year ago; for condo-townhouse units, it was $309,000, down 1.9% compared to February 2025. The median is the midpoint; half the homes sold for more, half for less.

O’Connor noted that while February’s closed sales growth was fairly similar to January’s data, the same couldn’t be said for the number of homes coming onto the market.

“New listings of single-family homes in February were significantly lower than they were in January,” he said. “While it's common for new listings to be lower in February than January, this year’s drop was unusually large. And if we compare last month’s new listings to the same month one year ago, they were down 9.5%. However, by historical standards, February’s new listings for single family homes were not low – it's more a case of new listings last year at this time being unusually high.

“The same could be said for condo and townhouse new listings in February – we returned to more normal levels. On a year-over-year basis, this was a decline of 15.2% but was very much in line with the number of new listings we had each February from 2019 through 2022.”

Last month, new pending sales increased year-over-year for both existing single-family homes, up 4%, and for condo-townhouse properties, up 9.1%.

Looking at this year’s market trends so far, O’Connor said, “A couple months into 2026, it looks like we’re in for a more normal level of listings coming on to the market with slightly improved numbers of pending sales, rather than a much higher level of both going into the spring. This is still progress for the market, which has at the very least bottomed out in terms of sales and is inching its way back upward.”

In February, the statewide supply of single-family existing homes was at a 4.8-months’ supply while existing condo-townhouse properties were at a 9.3-months’ supply last month.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the February 2026 data report PDFs under Market Data.

© 2026 Florida Realtors®

U.S. Home Prices Rise 1.8% in 2025

 Fourth-quarter FHFA data show home values increased year over year, with 41 states posting gains, though growth varied and was softer in parts of Florida.

WASHINGTON — U.S. house prices rose 1.8% between the fourth quarter of 2024 and the fourth quarter of 2025, according to the U.S. Federal Housing House Price Index (FHFA HPI). House prices for the fourth quarter of 2025 rose 0.8% compared to the third quarter of 2025. FHFA's seasonally adjusted monthly index for December rose 0.1% from November.

Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.

House prices rose in 41 states between the fourth quarter of 2024 and the fourth quarter of 2025. The five states with the highest annual appreciation were North Dakota, 6.4%; Delaware, 6.3%; Illinois, 6.1%; Wisconsin, 5.7%; and Michigan, 5.5%. House prices were down in nine states and the District of Columbia. Florida experienced the most significant price decline at 2.7%.

House prices rose in 66 of the 100 largest metropolitan areas over the previous four quarters. The annual price increase was the greatest in Allentown-Bethlehem-Easton, PA-NJ at 8.9%. The metropolitan area that experienced the most significant price decline was Cape Coral-Fort Myers, FL at 9.1%.

Six of the nine census divisions had positive house price changes year-over-year. The East North Central division recorded the strongest appreciation, posting a 5.0% increase from the fourth quarter of 2024 to the fourth quarter of 2025. The Mountain division recorded a 0.2% decline.

About the HPI

The FHFA House Price Index is a strong indicator of the health of conventional home values. It tracks changes in single-family home prices across the country, using sales data from loans backed by Fannie Mae and Freddie Mac. That means it only includes conventional loans that meet conforming loan limits, doesn’t include FHA, VA or other government-insured loans and only focuses on homes that qualify under those conforming caps.

The index measures price changes by looking at the same property over time. In other words, it compares what a house sold for before to what it sold for later. That helps show true appreciation or depreciation. It also does not capture luxury properties above loan limits or many lower-down-payment government loans.

Source: FHFA

© 2026 Florida Realtors®