In the South, pending home sales dipped 0.1% in July but rose 1.8% year-over-year

August 28, 2025

 WASHINGTON — Pending home sales decreased by 0.4% in July from the prior month and rose 0.7% 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.

Pending sales declined month-over-month in the Northeast and Midwest, held essentially flat in the South, and rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the Midwest and South. July’s Realtor® Confidence Index survey shows that 16% of NAR members expect an increase in buyer traffic over the next three months, unchanged from one year ago. Meanwhile, 21% expect an increase in seller traffic, up from 17% in July 2024.

“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” said NAR Chief Economist Lawrence Yun. “Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them.”

“Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible homebuyers in the upcoming months.”

July 2025 national pending home sales

• 0.4% decrease month-over-month
• 0.7% increase year-over-year

July 2025 regional pending home sales

Northeast

0.6% decrease month-over-month

0.6% decrease year-over-year

Midwest

4.0% decrease month-over-month

1.3% increase year-over-year

South

0.1% decrease month-over-month

1.8% increase year-over-year

West

3.7% increase month-over-month

1.9% decrease year-over-year

The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001.

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.

© 2025 National Association of Realtors® (NAR)

Older Homebuyers Are Gravitating Toward These Popular Metros

 

By Teresa Mettela - Realtor.com

August 28, 2025

The face of homeownership in America is getting older. The average homeowner across the country's 50 largest metropolitan areas is about 51 years old, according to a new LendingTree study. That figure highlights a generational shift, as affordability pressures continue to push the dream of buying a first home later into life for many Americans.

LendingTree analyzed 2023 U.S. Census Bureau data for the 50 largest metros to compare homeowner and renter ages, population averages, and housing costs.

The research shows that the average homeowner ages range from 48.09 to 54.60 years across major metros, with Los Angeles topping the list at 54.60, followed closely by San Diego at 53.63, and Miami at 53.38. It's been revealed that 8 of the 10 metros with the oldest homeowners are concentrated in either California or Florida.

Older homeowners might gravitate toward warmer climates and areas with strong health care and social services, according to the study.

Overall, the typical homeowner in these metros pays a median of $2,229 per month on housing costs with a mortgage, underscoring the financial weight that comes with owning a home—particularly in places like Los Angeles, where high prices and long tenures keep the market older.

Read the article:

https://www.realtor.com/news/trends/where-older-buyers-are-moving-california-florida?cid=soc_shares_article_CP

Cash Is King in Miami: More Than 50% of Homes Priced Above $1 Million Are Bought With Cash

 

By Anthony Smith

August 27, 2025

Miami is well-known for its glittering nightlife, palm-lined boulevards, and global reputation as a playground for the wealthy—so when it comes to real estate, one thing stands out above all else: Cash is king.

More than half of the homes priced above $1 million in the Miami metro are purchased in all-cash transactions, new data from Realtor.com® shows. And, as prices climb, so does the dominance of cash.

In Miami, 36.4% of homes priced between $750,000 and $1 million are bought with cash. That share leaps to 53.5% in the $1 million–$5 million range, 54.1% in the $5 million–$10 million tier, and nearly 59% for ultraluxury homes priced at $10 million or more.

"The South Florida market has a very distinct pattern: The higher up you go in price, the higher the all-cash percentage," Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, tells Realtor.com.

And according to Bozovic, the most extreme levels of all-cash buying are seen when looking at high prices per square foot, which isolates new properties at prime locales.

"The percentage of all-cash buyers in this segment is shockingly high, as is the growth in sales volume," she says.

According to data analyzed by Bozovic's firm, in the first half of 2025, a staggering 83% of condominium sales past $2,000 per square foot were all cash, with sales volume up 631% compared to 2019.

Meanwhile, all-cash transactions in the single-family home sales category made up 79% during the same time period, up a shocking 1,200% from the pre-pandemic era.

"It is very important to note that this extreme spike in sales volume for new, prime product is being driven by cash," adds Bozovic. "Bubbles are not built on cash; they are built on debt, and they pop when the underlying assets can no longer sustain the debt. We have quite the opposite setup in the prime segment of the market: Miami is being propelled by cash."

By contrast, just 22.6% of homes in the $500,000–$750,000 range are paid for without financing. For buyers of seven- and eight-figure properties, though, financing is the exception rather than the rule.

High net worth buyers often have ample liquidity, or access to funds, but they choose speed for privacy and convenience.

"In a market where sellers are accustomed to cash, a financed buyer can appear less attractive," points out Bozovic.

Why sellers in Miami choose to delist instead of slashing prices

The prevalence of cash buyers also explains why Miami sellers are less willing to slash prices than their counterparts in New York or Los Angeles. With financing rarely a hurdle, sellers know their pool of buyers can move quickly and aren’t relying on mortgage approvals.

Even as listings expand and days on the market stretch longer than in other luxury hubs, Miami sellers are more likely to pull their properties off the market than cut asking prices.

In July, 59 homes were delisted for every 100 new listings in the metro—more than double the rate in May. Yet price reductions remain rare, bucking national trends.

Bozovic explains that sellers in Miami "show little fear" because they know the fundamentals of the local housing market are strong and capital continues to flow into the metro from across the U.S. and the world.

"High levels of cash create a firm floor," she stresses. "Crashes come when over-leveraged debt implodes, and we have the opposite setup today."

Miami's million-dollar listings

The Miami-Fort Lauderdale-West Palm Beach metro had nearly 50,000 active listings in July, with more than 1 in 5 priced at $1 million or more. That’s significantly higher than the national share of 13.8%.

At the ultrahigh end, nearly 4% of Miami listings were priced above $5 million, compared with just 1.3% nationwide. Fisher Island—a private enclave accessible only by boat—topped the charts as the priciest ZIP code in America, with a median list price of $11.9 million, the highest in the nation. Some listings there soared above $50 million.

Other luxury standouts include Pinecrest, where the median list price is $2.68 million, and Coconut Grove, where it is $1.85 million. Both neighborhoods have more than 70% of homes listed at $1 million or higher.

Even as inventory in the million-dollar-plus category rose 18.3% year over year in July, supply in the top neighborhoods remains tight. Fisher Island had fewer than 50 active listings, while Pinecrest counted just over 300 despite a 32% annual increase.

Miami’s million-dollar homes spent a median of 96.5 days on the market in July—longer than any of the top 20 metros with the most high-end listings. For the top 10% of properties, the timelines stretched to 114 days, compared with 86 in New York and 75 in Los Angeles.

Even so, sellers remain confident. Miami ranks among the lowest metros for year-over-year price reductions, reinforcing its image as a market where luxury-home owners are willing to wait out buyers rather than compromise on price.

Global and local demand keeps Miami strong

The market’s resilience rests on Miami’s role as a global gateway. Buyers hail from New York, California, Latin America, Europe, and Canada, drawn by the region’s climate, tax advantages, and waterfront living. Florida’s lack of a state income tax further boosts its appeal to high earners.

In fact, when it comes to international interest in the area, Colombia leads the way, according to a new report by the Miami Association of Realtors.

Bozovic argues that there is a political dimension to Miami's continued popularity among real estate investors.

"When jurisdictions go left, domestic and international money flows to Miami," she says. "For those buyers, putting cash into Miami real estate remains one of their most reliable methods of wealth preservation."

With international demand steady, tax benefits locked in, and cash continuing to dominate high-end sales, Miami looks poised to remain one of the nation’s most exclusive housing markets.

For sellers, that means patience is rewarded. And for buyers, one thing is clear: In Miami’s luxury real estate market, cash isn’t just preferred—it’s expected.

Snejana Farberov contributed to this report.

Anthony Smith is an applied economist at Realtor.com® with over a decade of experience analyzing housing, construction, and building product markets. Prior to joining Realtor.com®, he served as Chief Economist at FreightWaves and has advised Fortune 500 companies and private equity firms on housing-driven strategy. He holds a Master’s and Bachelor’s in Economics from New Mexico State University and is based in Austin, Texas.

https://www.realtor.com/news/trends/miami-cash-sales-luxury-market?cid=soc_shares_article_CP

U.S. Home Prices Down 0.2% in May

 The FHFA said prices are up 2.8% from last year across the United States. In the South Atlantic census division, which includes Florida, home prices increased 1.4%.

WASHINGTON – U.S. house prices fell 0.2% in May, according to the U.S. Federal Housing Finance Agency's seasonally adjusted monthly House Price Index (FHFA HPI). House prices rose 2.8% from May 2024 to May 2025. The previously reported 0.4% price decline in April was revised to a 0.3% decline.

For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.8% in the Middle Atlantic division to +0.3% in the West South Central and New England divisions. In the South Atlantic census division, which includes Florida, the seasonally adjusted monthly home price change was -0.1%.

The 12-month changes were all positive, ranging from +0.6% in the Pacific division to +5.9% in the Middle Atlantic division. In the South Atlantic census division, home prices increased 1.4%.

The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price changes at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.

Source: FHFA

© 2025 Florida Realtors®

Report: Florida Renters Struggle With Housing Costs

 Nearly 905,000 low-income renters in Florida pay more than 40% of their income on housing. Efforts to increase affordable units continue as homelessness rises.

GAINESVILLE, Fla. — Nearly 905,000 low-income renter households in Florida are struggling to afford their housing costs, according to the 2025 Statewide Rental Market Study, released by the University of Florida’s Shimberg Center for Housing Studies.

Prepared for the Florida Housing Finance Corporation, the report provides a comprehensive look at the state’s rental housing conditions and is used to guide funding decisions for Florida Housing’s multifamily programs, including the State Apartment Incentive Loan (SAIL) program.

“Florida’s strong population growth has collided with limited housing supply, pushing rents beyond what many families can afford,” said Anne Ray, manager of the Florida Housing Data Clearinghouse at the Shimberg Center. “This report helps policymakers and housing providers target resources where the need is most acute – including communities that are experiencing the fastest growth and the greatest affordability gaps.”

Key findings from the 2025 study include:

• A growing affordability gap: An estimated 904,635 renter households earning below 60% of their area median income (AMI) are cost burdened, paying more than 40% of their income toward rent. These households are spread across the state, with 64% in Florida's nine most populous counties, 33% in mid-sized counties and 3% in small, rural counties.
• Surging population and higher rent and housing costs: Between 2019 and 2023, Florida added more than 1 million households – nearly 195,000 of them renters – driven by in-migration from states like New York, Illinois and California. Despite the addition of more than 240,000 multifamily units, median rent soared nearly $500 per month, from $1,238 to $1,719.
• After years of growth, Florida's older renter population is holding steady: Renters age 55 and older represent 39% of cost burdened households, up from 29% in 2010 but similar to 2022 numbers.
• Most renters are working: 79% of renter households include at least one employed adult, compared to 67% of owner households. Most non-working renters are seniors or people with disabilities.
• Homelessness is on the rise: The report estimates 29,848 individuals and 44,234 families are without stable housing, up from 2022, as hurricanes and tight markets contribute to displacement.
• Assisted housing provides an alternative to high-cost private market rentals: Developments funded by Florida Housing, HUD, USDA and local housing finance authorities provide over 314,000 affordable rental units statewide.
• Future risks to affordable housing stock: More than 33,000 publicly assisted units may lose affordability protections by 2034 unless renewed.

Evaluating affordable housing in Florida

“State- and federally assisted rental housing developments are essential to providing stable, affordable homes for Florida’s workforce, seniors and people with special needs,” Ray said. “Florida Housing Finance Corporation’s programs make up a significant portion of this housing, and our study helps ensure those resources are directed where they’re needed most. Preserving these developments – and expanding them – is critical to keeping pace with Florida’s growing population and maintaining affordability.”

Since 2001, the Shimberg Center has produced the Rental Market Study every three years to inform strategic investments in affordable housing across Florida. The study evaluates needs across regions and among key populations including seniors, people with disabilities, farmworkers and others. The Rental Market Study and the Florida Housing Data Clearinghouse are part of a 25-year partnership between the Shimberg Center and Florida Housing Finance Corporation to support data-driven housing policy and planning.

Source: University of Florida

© 2025 Florida Realtors®

Why Gen Z Isn’t Buying Homes Yet

NEW YORK — 

Gen Z buyers make up 3% of all buyers, compared with 42% of buyers from the Baby Boomer generation in 2025, the National Association of Realtors® said.  While high house prices and interest rates may be partly to blame for younger buyers standing on the sidelines of the housing market, some suggest that money management may be playing a role as well in their home buying decisions.

According to PYMNTS Intelligence, Gen Z's top financial priority is paying down debt, with the average Gen Z adult carrying $94,101 in personal debt, a significant portion of which is on credit cards.

Having large sums of income tied up with monthly payments has even high-earning Gen Z adults unable to save for a down payment on a home.

Hannah Jones, senior economic research analyst at Realtor.com, said, "Though Gen Z Americans may dream of homeownership, still-high housing costs mean that stepping onto the property ladder may not be possible at this point in time. By prioritizing paying off debt, Gen Z prospective buyers are setting themselves up for success when homeownership does become more feasible."

According to PYMNTS, there are two types of money management mindsets: Reactors and planners.

About 73% of Gen Z adults are reactors, meaning they live paycheck to paycheck, carry high-interest debt and struggle to build savings – a money management style that makes it harder to save money toward larger purchases, such as buying a house.

The number of wealthier adults who identify as planners, those who save and plan out purchases, has declined by 25%. About 52% of top earners are reactors who are focused on short-term financial thinking and chasing growth.

Twenty-two percent of Baby Boomers see retirement saving as a top priority, while 7.7% of Gen Z say the same. The number of Gen Z adults who have starting a business as their No. 1 goal reached about 7%, making them eight times more likely than Baby Boomers to focus on entrepreneurship.

Today's buyers need to earn 70% more than they did six years ago to buy a home.

Source: Realtor.com (06/09/25) Conte, Allaire

© Copyright 2025 Smithbucklin

Florida’s May Housing: Inventory Up, Prices Drop

 By Marla Martin

Over the past few months, “Florida’s housing market is finding its balance, and that’s good for buyers and sellers alike,” said Florida Realtors Pres. Tim Weisheyer.

ORLANDO, Fla. — Florida’s housing market in May reported increased for-sale inventory (active listings) and lower median prices compared to a year ago – statewide trends over the past few months, according to Florida Realtors®’ latest housing data.

“Florida’s housing market is finding its balance, and that’s good for buyers and sellers alike,” said 2025 Florida Realtors President Tim Weisheyer, broker-owner of Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. “We’re seeing more inventory, more opportunity, and a market that’s shifting toward sustainability after years of intense demand. Buyers are adjusting to today’s interest rates and focusing on long-term value, while motivated sellers are pricing with strategy in mind.

“In this evolving market, preparation and expert guidance are key – and that’s exactly where your local Realtor® makes the difference.”

Closed sales of existing single-family homes statewide in May totaled 24,756, down 5.7% year-over-year, while existing condo-townhouse sales totaled 8,345, down 19.9% over May 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The statewide median sales price for single-family existing homes last month was $415,000, down 2.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $310,000, down 6.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at the statewide median sales price for single-family existing homes in May, Florida Realtors Chief Economist Dr. Brad O’Connor noted that while last month marks the third consecutive month for a year-over-year drop, May’s decline was less than what was seen in April.

“But there is a clear divergence from last year’s price levels starting to emerge,” he said. “Still, prices remain in the neighborhood of where they’ve been since early 2022 and are 54% above where they were at this time in 2020. May’s year-over-year decline at the state level also masks some considerable variation at the local level, with the median price for single-family homes only falling in 13 of Florida’s 22 metropolitan areas.”

However, price erosion in the condo and townhouse category began in July of last year, O’Connor said, a trend continuing in May. He pointed out that statewide median prices for condo and townhouse units are “still 54% higher than in 2020 – the same difference observed for the single-family side of the market – but in this case, there is more uniformity at the local level, with 19 of Florida’s 22 metros seeing a year-over-year price decline in May.”

With for-sale inventory in Florida on the rise, some price weakness in both property categories is to be expected, according to O’Connor.

He added, “We’ve been chronicling the expansion of Florida’s inventory of homes for sale since early 2022. For more than a year, within both property type categories, inventory levels have been in excess of the levels that were typical of the period of housing market stability we experienced from 2014 through 2019. They remain well below the levels we were seeing in 2008 when we experienced a large price correction during the Great Financial Crisis, which is why right now we are only seeing some minor price erosion by comparison.”

On the supply side of the market, inventory (active listings) rose 28.8% year-over-year for both existing single-family homes and for existing condo-townhouse properties compared to May 2024.

Single-family existing homes were at a 5.6-months’ supply last month while condo-townhouse units were at a 10.3-months’ supply.

© 2025 Florida Realtors®