New pending sales of condos and townhouses in Florida increased by 4.9% in August compared to the previous year, marking the first positive year-over-year growth for this property type since October 2023 and only the second time since November 2021.
Dr. Brad O’Connor, Chief Economist at Florida Realtors, attributed the rise in new contracts to declining mortgage rates. “The most likely reason we saw such an uptick in new contracts in August is that mortgage rates fell to yearly lows early in the month and fell even further late in the month,” O’Connor said. “Rates have continued to decline in September, so it will be interesting to see if even more buyers put homes under contract this month.”
Tim Weisheyer, President of Florida Realtors for 2025, commented on the overall market dynamics: “The Florida real estate market is dynamic and the demand for housing in the Sunshine State will continue grow as time continues,” he said. “As the United States’ economy continues to stabilize, the Federal Reserve continues to make rate adjustments and people continue to move to Florida we will see the competitiveness of the marketplace evolve.”
Weisheyer emphasized the importance of local expertise: “Every community is different, and every transaction carries unique challenges. That’s why working with a local Realtor matters. Realtors not only bring their expertise to help you navigate pricing, inventory, and negotiations, but they also advocate for your best interests at every step. In a market where conditions can change quickly, that knowledge and guidance provide real confidence.”
According to data from Florida Realtors Research Department compiled with local Realtor boards and associations, closed sales of existing single-family homes statewide reached 21,798 last month—a decrease of 3.9% from August 2024. Existing condo-townhouse sales totaled 7,424 units for August, down 6% from a year earlier. Closed sales typically occur between 30 and over 90 days after contracts are signed.
O’Connor noted optimism about future closings: “With new pending sales rising year over year in August, there’s reason to be optimistic that closings could be up over the next month or two, as well.”
The median sales price for single-family existing homes statewide was $410,000 in August—a slight decrease of 0.4% compared to last year—while condo-townhouse units had a median price of $290,000, representing a drop of 6.5%. The median represents a midpoint where half sold above and half below this value.
In terms of inventory levels, single-family existing homes had a supply equivalent to 5.3 months while condo-townhouse properties had a supply equal to 9.3 months.
Summing up August’s figures, O’Connor stated: “Most of what we saw was similar to the trends we’ve observed throughout the summer and late spring: Modest declines in home prices, particularly on the condo side, along with mild declines in closed sales and fewer new listings than a year ago, as well. Inventory growth seems to be leveling out or at least slowing down once seasonality is accounted for. That leaves the pop in new pending sales as the big story for this month, thanks to falling mortgage rates.”