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®

The Home Sales Conundrum: Buyers Aren’t Moving

 By Melissa Dittmann Tracey

NAR research shows about 5.5 million more U.S. households can now qualify for a mortgage compared with a year ago due to lower rates. So, what’s holding buyers back?

WASHINGTON – Housing affordability is improving, but it’s not prompting a winter rush into the housing market. Pending home sales — a gauge of future home closings based on signed contracts — were essentially in a holding pattern in January, falling 0.8% compared to the prior month and by 0.4% year-over-year, according to the National Association of Realtors®’ newly released Pending Home Sales Index.

The weather has been blamed as one culprit for last month’s underwhelming sales numbers: Prolonged freezing temperatures and major winter storms swept across the country. But the Midwest, among those that faced severe winter weather, did still post the highest monthly increase in pending home sales nationwide in January, up 5%. The West was the only other region to post a monthly increase in contract signings last month, up 4.3%.

Overall, this winter’s housing market mostly has been subdued—a conundrum for a market that was starting to show easing conditions for home buyers.

“Improving affordability conditions have yet to induce more buying activity,” NAR’s Chief Economist Lawrence Yun says about the latest home sales numbers.

Yet, more hopeful buyers may want to take notice: With mortgage rates nearing 6%, an additional 5.5 million households now can qualify for a mortgage—those who couldn’t last year when rates were near 7%.

Still, “most newly qualifying households do not act immediately” when rates drop, Yun says. “But based on past experience, about 10% could enter the market—potentially adding roughly 550,000 new home buyers this year compared with last year.”

A Housing Supply Issue?

Homeowners don’t appear to be in a rush to sell this winter. Housing inventories for existing homes were down 0.8% in January compared to December and were only up by 3.4% compared to a year ago, backing off what were double-digit annual inventory gains last year.

But with millions more Americans now able to qualify for a mortgage following the recent dip in mortgage rates, a surge of buyers returning to the market might not be entirely positive.

“Unless housing supply increases, these additional potential buyers becoming active in the market could simply push up home prices,” Yun says. “This will put increasing pressure on affordability, which is why it is critical to increase supply by building more homes.”

Yun notes that the House of Representative’s recent passage of the Housing for the 21st Century Act may be one piece that could help with that. It’s “an important signal that addressing the nation’s housing shortage remains a shared priority,” he says about the bipartisan support the bill has gained. “The legislation is a meaningful step toward expanding housing supply and removing barriers that make it harder for Americans to achieve homeownership.”

Realtor.com has put the housing deficit in the U.S. at nearly 4 million, given population demands.

Meanwhile, home prices continue to rise nationwide, although the increases are slowing, and some markets are seeing prices soften. NAR reported that existing-home sales prices hit an all-time high in January, a median $396,800 nationally. Also, 73% percent of 230 U.S. metros continued to see home prices rise year-over-year during the final quarter of 2025, according to NAR’s latest quarterly housing report.

Homeowners are still seeing record amounts of equity: Since January 2020, the typical homeowner has accumulated $130,500 in housing wealth, NAR’s research shows.

10 Markets Where Pending Sales Rose in January

Despite the national drop in contract signings last month, not every housing market has been iced out of home sales this winter. According to Realtor.com® Economics, the following 10 markets saw the biggest annual gains in pending home sales in January:

• Phoenix-Mesa-Chandler, Ariz.: +11.8%
• Boston-Cambridge-Newton, Mass.-N.H.: +10.7%
• Charlotte-Concord-Gastonia, N.C.-S.C.: +10.7%
• San Francisco-Oakland-Fremont, Calif.: +8.9%
• Oklahoma City, Okla.: +8.7%
• St. Louis, Mo.-Ill.: +8%
• Virginia Beach-Chesapeake-Norfolk, Va.-N.C.: +7.6%
• San Diego-Chula Vista-Carlsbad, Calif.: +7.5%
• San Antonio-New Braunfels, Texas: +7.4%
• Miami-Fort Lauderdale-West Palm Beach, Fla.: +6.8%

© 2026 National Association of Realtors® (NAR)

January Shows Strong Start for Florida Housing

 By Marla Martin

Florida Realtors data show single-family sales up 5.9% and condos up 5.1% year over year, as new listings and pending sales rose in both categories.

ORLANDO, Fla. — Florida’s housing market started 2026 on an upswing, with more closed sales, more new pending sales and more new listings in January compared to a year ago, according to Florida Realtors®’ latest housing data.

“Florida’s housing market opened 2026 with solid momentum,” said 2026 Florida Realtors President Chuck Bonfiglio, broker-owner of AAA Realty Group in Plantation. “Closed sales and new listings are up, and pending sales saw a significant year-over-year jump – all encouraging signs for a sustainable market.

“Inventory is improving, especially for single-family homes, giving buyers more options while reinforcing the importance of pricing and preparation for sellers. In a shifting market, working with a knowledgeable Realtor® makes all the difference.”

Closed sales of single-family homes statewide last month totaled 16,298, up 5.9% compared to January 2025, while existing condo-townhouse sales totaled 6,084, up 5.1% 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.

In January, the statewide median sales price for single-family existing homes was $405,000, down 1.2% from a year ago; for condo-townhouse units, it was $305,000, down 2.4% compared to January 2025. The median is the midpoint; half the homes sold for more, half for less.

“In addition to seeing more January closings across Florida than in recent years, we saw a lot more homes come onto the market, as well,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Our data only go back to 2008, but last year, January new listings were at an all-time high over that time span in both property type categories. As of now, though, the crown for most January new listings belongs to 2026. Looking at the single-family home category, new listings were up 7% compared to a year ago, while new listings of condos and townhouses were up by 2.7%. It’s a strong start, but it’s too early to draw definitive conclusions as to how this will carry over into the rest of the year.”

Last month, new pending sales increased year-over-year for both existing single-family homes, up 15.2%, and for condo-townhouse properties, up 16.9%.

O’Connor noted that January marked the sixth consecutive month for year-over-year increases in new pending sales in both property categories. “With buyers in a better position affordability-wise compared to a year ago, this year’s sellers may like what they see out there a little better than they did last year. These numbers are a good indication that a lot of sellers who listed even as recently as January have already found buyers this year.

“What’s important for the market overall is not so much how many people list their homes for sale so much as how many of those homes end up sitting for long periods of time without selling. Last year’s late surge in demand has carried over into January based on the new pending sales data, and if it persists, then many of these sellers are going to find buyers.”

The supply of single-family existing homes was at a 5.2-months’ supply while existing condo-townhouse properties were at a 9.7-months’ supply last month.

© 2026 Florida Realtors®