Florida economy moves up to No. 14 globally

 By Amy Connolly

The state's $1.8 trillion economy is now the world’s 14th largest after surpassing Australia and Mexico, according to the Florida Chamber Foundation. The foundation said Florida’s economy grew 6.3% over the past year, moving the state closer to its goal of ranking among the world’s 10 largest economies by 2030.

Florida’s $1.8 trillion economy is now the 14th largest in the world, surpassing Australia and Mexico, according to the Florida Chamber Foundation.

The new ranking, up from 15, moves Florida closer to the Florida 2030 Blueprint’s goal of becoming one of the world’s 10 largest economies by 2030.

Florida’s economy grew 6.3% over the past year, the foundation said. At its current size, the economy would need to grow about 2% to surpass South Korea and reach No. 13. Moving into the top 10 would require about 21% additional growth, with Canada currently ranked 10th.

“Florida’s rise to the world’s 14th largest economy is part of our Florida 2030 Blueprint plan and further proof that free enterprise works,” said Mark Wilson, president and CEO of the Florida Chamber of Commerce and Florida Chamber Foundation. “Florida continues creating jobs, attracting investment, welcoming new businesses, and giving families greater opportunity to succeed.”

The foundation highlighted several areas in which Florida ranks among the nation’s leaders:

• No. 1 for new business startups
• No. 1 higher education system
• No. 1 for manufacturing job growth
• No. 1 for net income migration
• No. 1 for new business migration
• No. 1 for Black-owned businesses
• No. 2 for Hispanic- and women-owned businesses
• Lowest state debt per capita
• 155,742 fewer children living in poverty since the Florida 2030 Blueprint launched

“This ranking reflects the impact of Florida’s economic growth over time,” said Sheridan Morby, the foundation’s senior director of economic research. “Strong labor market expansion and business investment continue to help position Florida among the world’s largest economies.”

The Florida Chamber Foundation plans to provide additional analysis in its 2026 Florida Business & Economic Mid-Year Report next month. The report will examine economic growth, population changes, inflation, manufacturing, workforce development and housing affordability.

© 2026 Florida Realtors®

Florida pending sales surge points to stronger months ahead

 By Amy Connolly

New pending sales of single-family homes in Florida rose 8% year over year in April, a sharp increase that Florida Realtors Chief Economist Dr. Brad O’Connor said could signal continued closed-sales growth into May and June.

New pending sales of single-family homes in Florida jumped 8% year over year in April, a sharp increase that could signal stronger housing activity heading into the summer market, according to Florida Realtors® Chief Economist Dr. Brad O’Connor.

The April gain was more than double the increases seen in February and March, when pending sales growth remained much more modest statewide.

Pending sales measure how many homes went under contract during the month and are widely viewed as a leading indicator for future closed sales because most transactions finalize several weeks later.

“One of the first things you might notice is that new pending sales for single-family homes in Florida were up year over year quite a bit in January, but in February and March, they were up much more modestly,” O’Connor said during Florida Realtors’ April housing market update.

April’s stronger reading may point to more buyers continuing to move forward despite affordability pressures and elevated mortgage rates.

“Here, we see an 8% year over year increase, which is more than double the increases we saw in each of the previous two months,” O’Connor said. “As a result, I think we can be pretty confident that our run of rising closed sales will continue into May, and likely June.”

For Realtors® in Florida, the increase in pending sales could provide an early indication that buyer activity may remain steadier through late spring and early summer than some expected earlier this year.

The stronger pending-sales numbers also build on a market that has already seen eight consecutive months of year-over-year gains in closed single-family home sales statewide. In April, closed sales rose nearly 2.5% from a year earlier.

© 2026 Florida Realtors®

Child care costs add pressure for Florida buyers

 By Amy Connolly

A Realtor.com report found child care costs are adding to affordability challenges for families already weighing home prices, rents, insurance and other expenses.

Rising child care costs are giving Realtors® another affordability factor to consider as families weigh whether to buy, where to live and how much home they can comfortably afford.

A new Realtor.com report found families in every state spend well above the federal affordability benchmark for child care, which is considered affordable when it costs no more than 7% of household income. At the same time, many households are already stretched by elevated home prices, rents, insurance costs, taxes and everyday expenses.

For Realtors, the issue is not child care itself. It is how a major monthly expense can change a buyer’s housing budget, location preferences and timeline.

In Florida, the numbers are significant. According to the Economic Policy Institute, infant care for one child takes up 14.10% of a median family’s income. Child care for an infant and a 4-year-old costs $22,569 a year, which is 13.20% more than average rent in Florida. Realtor.com data also found the cost of child care is equal to the median mortgage payment in the state.

That kind of expense can help explain why some buyers who qualify for a mortgage may still hesitate, lower their price range or choose a different location. Families may stay in smaller homes longer, move closer to relatives, prioritize school and child care proximity, or look farther from job centers for lower housing costs.

The data also gives real estate professionals useful context for conversations with sellers. Buyers with stable jobs and financing may still be sensitive to price, concessions and monthly payment changes because housing is only one part of the household budget.

Florida’s affordability challenges remain broader than one expense. The statewide median listing price is about $420,000, according to Realtor.com, while median rents remain elevated, especially in higher-cost markets such as Miami and Naples.

For real estate professionals, the takeaway is that affordability conversations increasingly need to account for the full monthly cost of living. Child care, insurance, taxes, HOA fees, commuting costs and maintenance expenses can all influence whether a potential homeowner moves forward with a search, pauses plans or adjusts what they’re looking for.

Source: Realtor.com
© 2026 Florida Realtors®

Florida’s aging homeowners may not ease inventory shortage

 By Amy Connolly

Florida leads the nation in 65-plus households, but NAHB says the “silver tsunami” alone won’t solve tight housing inventory.

Florida’s aging population may shape future inventory, downsizing and senior housing demand, but a new analysis suggests Realtors® should not expect a sudden wave of baby boomer-owned homes to hit the market.

A National Association of Home Builders (NAHB) analysis found Florida dominates the nation’s rankings for households led by someone age 65 or older. The Villages led all U.S. metros, with 68.2% of households headed by someone 65 or older.

But the long-discussed “silver tsunami” is unlikely to solve housing shortages on its own, researchers said. Many older homeowners are staying put longer because they own their homes outright, face rising assisted-living costs or have limited affordable options for their next move.

For Realtors in Florida, the trend points to gradual turnover rather than a sudden inventory surge, especially in retirement-heavy markets where inbound retiree demand continues to absorb available homes. It also creates opportunities for listing preparation, renovation conversations, downsizing planning and referrals tied to senior-focused housing needs.

Florida metros with the highest share of 65+ households

• The Villages: 68.2%
• Homosassa Springs: 52.7%
• Punta Gorda: 52.5%
• Sebastian-Vero Beach-West Vero Corridor: 50.9%
• Naples-Marco Island: 49%
• Sebring: 46.6%
• North Port-Bradenton-Sarasota: 46.1%
• Ocala: 44.6%
• Cape Coral-Fort Myers: 41.9%
• Port St. Lucie: 41%
• Deltona-Daytona Beach-Ormond Beach: 40%
• Lakeland-Winter Haven: 37.8%
• Palm Bay-Melbourne-Titusville: 37.6%
• Crestview-Fort Walton Beach-Destin: 36.9%
• Pensacola-Ferry Pass-Brent: 36.3%
• Gainesville: 35.7%
• Tampa-St. Petersburg-Clearwater: 31.9%
• Miami-Fort Lauderdale-West Palm Beach: 29.9%
• Jacksonville: 27%
• Orlando-Kissimmee-Sanford: 25.2%

Researchers concluded the aging population alone will not solve affordability challenges and said additional homebuilding remains critical, especially in high-demand markets.

Source: NAHB

© 2026 Florida Realtors®

Study: Buying may outpace renting in Florida

 By Amy Connolly

A 10-year rent-vs.-buy analysis found projected homeowner equity topped renter investment returns in five Florida markets, led by Miami.

Buying in Florida may offer a long-term wealth advantage over renting in several major markets, even when renters invest the money they would have spent on ownership, according to a new analysis.

AD Mortgage’s 2026 “10-Year Rent vs. Buy Wealth Study” compared projected 10-year outcomes for homeowners and renters in 250 U.S. cities. The study measured homeowner equity against renter investment returns, assuming renters invested the down payment and monthly savings in the S&P 500.

In the five Florida markets included in the study, projected homeowner equity outpaced renter investment returns by about $275,000 to more than $509,000.

Miami (South Florida) showed the largest Florida gap. The study projects a typical Miami buyer could build about $1.04 million in equity over 10 years, compared with about $534,000 for a renter who invests instead. That represents an ownership advantage of about $509,000.

Other Florida markets also favored buying over a 10-year period. St. Petersburg showed a projected homeowner advantage of $361,852, followed by Tampa at $340,562, Orlando at $317,027 and Jacksonville at $275,256.

For Realtors in Florida, the study offers a useful way to discuss the long-term tradeoffs between buying and renting. Monthly payments, insurance, taxes and upfront costs remain major barriers for many buyers, and ownership is not the right financial move for everyone.

But the analysis shows how appreciation and loan paydown can change the equation over time, particularly in high-growth Florida markets. For buyers who are financially ready and plan to stay put long enough, the long-term wealth case for ownership may still be strong.

© 2026 Florida Realtors®

NAR - Existing-U.S. Home Sales Unchanged From a Year Ago

 NAR Existing-Home Sales Report Shows 0.2% Increase in April

 

Month-Over-Month

• 0.2% increase in existing-home sales—seasonally adjusted annual rate of 4.02 million in April
• 5.8% increase in unsold inventory—1.47 million units equal to 4.4 months’ supply

 

Year-Over-Year

• No change in existing-home sales
• 0.9% increase in median existing-home sales price to $417,700

 

 

WASHINGTON (May 11, 2026) – Existing-home sales increased by 0.2% month-over-month in April, according to the National Association of REALTORS® Existing-Home Sales report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.

 

Month-over-month sales increased in the Midwest and the South, were unchanged in the Northeast, and declined in the West. On a year-over-year basis, sales rose in the South, were flat in the West, and fell in both the Northeast and Midwest.

 

“Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Dr. Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”

 

“Inventory still remains tight,” Yun added. “Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”

 

“The increase in second-home purchases reflects stronger finances among higher-income households, as well as the post-COVID rise in remote work and hybrid job schedules.”

 

National Snapshot

 

Total Existing-Home Sales for April

• 0.2% increase in existing-home sales¹ month-over-month to a seasonally adjusted annual rate of 4.02 million.
• No change in sales year-over-year.

 

Inventory in April

• 1.47 million units: Total housing inventory², up 5.8% from March and 1.4% from April 2025.
• 4.4-month supply of unsold inventory, up from 4.2 months last month and up from 4.3 months one year ago.

 

Median Sales Price in April

• $417,700: Median existing-home price³ for all housing types
• 0.9% increase from one year ago ($414,000)—the 34th consecutive month of year-over-year price increases.

 

Housing Affordability in April

• The Housing Affordability Index registered at 110.6, up from 101.4 a year ago.

• Year-over-year, affordability improved across all regions.
  • Northeast +4.7%
  • Midwest +5.9%
  • South +9.6%
  • West +12.5%

 

 

Single-Family and Condo/Co-op Sales

 

Single-Family Homes in April

• No change in sales month-over-month with a seasonally adjusted annual rate of 3.64 million, down 0.3% from April 2025.
• $422,300: Median home price, up 1.0% from last year.

 

Condominiums and Co-ops in April

• 2.7% increase in sales month-over-month to a seasonally adjusted annual rate of 380,000
• 2.7% increase from last year. 
• $374,100: Median price, up 1.1% from April 2025.

 

 

Regional Snapshot for Existing-Home Sales in April

 

Northeast

• Unchanged sales month-over-month at an annual rate of 450,000
  • Down 8.2% year-over-year
• $510,800: Median price, up 4.8% from April 2025

 

Midwest

• 2.2% increase in sales month-over-month to an annual rate of 950,000
  • Down 1.0% year-over-year
• $324,500: Median price, up 3.6% from April 2025.

 

South

• 0.5% increase in sales month-over-month to an annual rate of 1.87 million
  • Up 2.7% year-over-year
• $366,600: Median price, up 0.4% from April 2025

 

West

• 2.6% decrease in sales month-over-month to an annual rate of 750,000
  • Unchanged from last year
• $619,600: Median price, down 1.4% from April 2025.

 

 

REALTORS® Confidence Index for April

 

• 32 days: Median time on market for properties, down from 41 days last month
  • Up from 29 days in April 2025
• 33% of sales were first-time homebuyers, up from 32% in March
  • Down slightly from 34% one year ago
• 25% of transactions were cash sales, down from 27% last month
  • Unchanged from 25% in April 2025
• 16% of transactions were individual investors or second-home buyers, down from 18% last month
  • Up slightly from 15% one year ago
• 2% of sales were distressed sales⁴ (foreclosures and short sales)
  • Unchanged from last month and a year ago.

 

 

Mortgage Rates

 

• 6.33%: The average 30-year fixed-rate mortgage in April, according to Freddie Mac, up from 6.18% in March and down from 6.73% one year ago.

 

 

About the National Association of REALTORS^®

The National Association of REALTORS^® is involved in all aspects of residential and commercial real estate. The term REALTOR^® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS^® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes—from written buyer agreements to negotiating compensation—visit facts.realtor.

Gen Z’s Education Shift May Impact Florida’s Entry Level Market

 By Jennifer Warner

The generation coming up make look different on paper than their predecessors.

Gen Z, born between 1997 and 2012, grew up watching Millennials struggle to advance in the economy under the weight of hefty school loans. According to the 2025 National Association of Realtors® Home Buyers and Sellers report, first-time buyers cite high rent and student loans as the top barriers to saving for a home.  While many have parlayed those advanced degrees into well-paying jobs, others have not. In response, Gen Z is increasingly looking to the trades as an on ramp into the workforce, rather than pursuing a traditional four-year degree.

For the third consecutive year, enrollment at vocational public two-year programs has risen sharply, increasing nearly 12% nationwide, according to the National Student Clearinghouse Research Center[1]. Since spring 2020, enrollment at these trade-focused institutions increased almost 20% and now accounts for about 19% of all public two-year enrollment. In Florida, the growth has been even stronger. Enrollment in mechanic and repair technologies/ technicians programs increased by nearly 32% from fall 2022–fall 2025 while enrollment in construction trades increased by 38%.

While freshman enrollment in public four-year institutions has grown modestly (rising about 1.9% in fall 2025), community colleges have posted stronger gains (a 6.7% increase in 2024). The trend points to renewed interest in two-year and career-aligned pathways.

These trends also indicate four-year programs may be as less feasible for some students while shorter, more flexible vocational paths are becoming more appealing.

National trends are also playing out in Florida. The 2024–25 academic year the number of registered apprenticeship and pre-apprenticeship programs increase by 4% while participation in these programs rose 11%, according to the state Department of Education[2]. Interest in these programs is certainly increasing as a viable alternative to a traditional four-year degree and may help backfill the depleted pipeline of electricians, masons and construction workers needed to maintain and create new housing supply.

Emphasis on Workforce Development in Florida

Recently, Gov. Ron DeSantis announced Florida’s achievement as the number one state in the nation for workforce education. Some of the top accomplishments in Florida include[3]:

• During the 2024-25 academic year, Florida saw record-breaking career and technical education (CTE) enrollment, with more than 818,000 K-12 students and nearly 512,000 postsecondary students, representing a 30% increase since the 2018-19 academic year.
• Florida’s adult education programs now serve more than 189,000 individuals statewide, expanding access to education and workforce opportunities.  
• The state has grown its Integrated Education And Training (IET) programs to 582 statewide, serving more than 11,000 students since 2021 and allowing adults to earn credentials while earning their high school diploma.
• Since its inception, the Workforce Development Capitalization Incentive Grant Program has allocated $240 million for workforce education and training, supporting 80 agencies and 812 newly created or expanded programs and increasing workforce capacity by 94%.
• The Pathways to Career Opportunities Grant, which expands registered apprenticeship and pre-apprenticeship programs, has awarded more than $105 million total, with over 350 grant proposals funded and over 20,000 participants.

Implications for Florida’s Residential Real Estate Market

Without long degree programs and heavy student loan debt loads, today’s youngest buyers may be able to enter the workforce and start earning earlier. That could allow them to save sooner and approach homebuying with different priorities. This could  translate into different housing preferences, including smaller homes, condos or townhouses. Younger buyers may be open to purchasing with a roommate or other non-spouse, so the typical 3/2 in the suburbs may not be the right fit. School districts may not be of importance yet, but connection to employment centers will be key.

If this pool of buyers grows, it could increase competition for starter homes, both existing and new construction. Agents may want to watch inventory in lower price tiers when targeting this group. Because trade workers are more likely to be self-employed or have variable income, understanding how to work with nontraditional income sources may also become more important.

Takeaways

Gen Z is not abandoning the traditional pathways paved by the previous generation. Instead, they are more open to exploring alternative paths. Florida’s commitment to multiple education pathways offers a unique set of opportunities to young people looking to make their way in our new, more mature economy. This may offer some new types of customers to Realtors®, particularly in areas where employment in construction and manufacturing is strong.

[1] Kim, H., Cohen, J., Ibrahim, M., Randolph, B., Holsapple, M., and Shapiro, D. (January 2025), Stay Informed Fall 2024, Herndon, VA: National Student Clearinghouse Research Center.

[2] Florida’s Annual Apprenticeship and Pre-apprenticeship Report, Program Year 2024–2025, Florida Department of Education.

[3] Florida Office of the Governor. “Florida Reaches #1 in Workforce Education.” Press Release, 2026.

 Jennifer Warner is an economist and Director of Economic Development

© 2026 Florida Realtors®