Despite rising mortgage rates, Florida's single-family homes sold faster and for closer to asking price in Q3.
Source: Original report
Florida's housing market showed signs of resilience in the third quarter of 2026, with single-family homes reaching contract faster and sellers securing a larger share of their asking prices. This occurred even as overall sales growth slowed due to rising mortgage rates.
Market Dynamics and Sales Performance
The July-through-September period saw steady sales activity, with homes moving off the market more quickly. Statewide, the median time to contract shortened to 47 days from 52 days in the previous quarter. Sellers received a median of 96% of their original list price, up from 94.9%.
Closed sales totaled 65,904, a slight increase of 0.2% year over year. However, new pending sales, which count homes going under contract during the quarter, fell by 2.5% to 65,973. This decline suggests that while existing listings are selling faster, new listings are not keeping pace.
Inventory and Price Trends
Active inventory ended the quarter at 95,799 homes, a decrease of 9.8% compared to the same period last year. This tightening inventory has contributed to a 4.4-month supply of homes, down from 5.1 months a year earlier.
The median sale price rose by 2.4% to $420,000. The price breakdown reveals that sales of homes priced at $1 million or more surged by 14.9%, with gains in every reported price bracket above $600,000. Conversely, sales in the $300,000 to $399,999 range, the largest category by transactions, declined by 4.7%.
Regional Variations and Future Outlook
Median time to contract fell across various price ranges, with notable improvements in higher-priced homes. For example, homes priced between $700,000 and $799,999 reached contract in 41 days, showing a 22.6% improvement. Meanwhile, sales in the $200,000-to-$299,999 range remained nearly unchanged, with contract times holding at 51 days.
Dr. Brad O'Connor, Florida Realtors Chief Economist, noted that home sales trends have not diverged significantly from earlier in the year.
Looking ahead, the market may continue to favor sellers, especially in higher price brackets. Buyers in lower price ranges may face more competitive conditions with slower contract times. Monitoring inventory levels and mortgage rate trends will be crucial for understanding future market dynamics.
