As expected, and as the market confirmed: the number of sales in Florida declined in September 2026, down 3.5% for single-family homes. In contrast, the number of sales for condos and townhomes remained virtually stable (-0.1%).
That said, we can expect a slowdown in October, as pending sales in September—which will close in October or November—are also down by 7.6% for single-family homes and 3.5% for condos and townhouses.
Interest rates continued to rise in 2026 and are currently higher than last year. Although the increase is, relatively speaking, modest compared to last year, it has dampened demand among Florida households.
Furthermore, high interest rates have, as expected, had a greater impact on single-family home sales than on condo sales, as the former are more often financed by a mortgage: for single-family homes, only 28% of sales are made in cash, meaning 72% are financed with a bank loan, compared to 52% in cash for condos and townhouses—meaning only 48% are financed with a loan.
Dr. Brad O’Connor, chief economist at Florida Realtors, explains: “This isn’t a major shift in the sales trend—far from it—but as soon as we move from positive growth to negative growth, there can be a psychological impact.”
Prices Hold Steady
In such a market, one might expect prices to fall, but that is not the case for homes. The median price of single-family homes ($415,000) was up 1.2% in September. Inventory continues to decline, and there are only 4.4 months’ worth of inventory available on the market. In September 2026, it took only 47 days from the time a property was listed until a preliminary sales agreement was signed, compared to 53 days last year.
For condos and townhouses, the median price ($293,500) fell by 1.8%. Inventory continues to decline, now standing at just 7.7 months, and properties are selling quickly—in 65 days, compared to 77 days in September 2025.
Sales Volume on the Rise
It should be noted that average prices continued to rise sharply in both residential property categories, driven by the strong luxury market.
Sales of homes priced above $1 million rose by 8.4% in September 2026, and sales of condos and townhouses priced above $1 million increased by… 17.7%! In September, the average price of single-family homes was $644,682, and the average price of condos and townhouses was… $470,475! This is far above the average prices.
As a result, the total volume of real estate transactions was up in September: sales of single-family homes totaled $13.2 billion (+6.9%), and those of condos and townhouses totaled $3.4 billion (+8.5%). Since January 2026, the total sales volume (the total value of completed transactions) has increased by 10% for single-family homes and by 13% for condos and townhouses.
According to O’Connor, “the story remains that of a real estate market that has lost some momentum, but is far from having collapsed.”
Translated with Deepl
