Is Florida getting as expensive as New York? Here is what the latest housing numbers show

Florida’s housing market showed signs of stabilizing in August, with home prices increasing slightly compared with the same month last year, while the number of homes available for sale fell significantly.

According to new data from Florida Realtors, the statewide median price for an existing single-family home reached $415,000 in August, an increase of 1.2% from a year earlier.

The median price for condominiums and townhouses also increased, reaching $298,000, up 2.8% from August 2025.

At the same time, the supply of homes on the market declined sharply.

Inventory Drops Across Florida

The decline in inventory may be one of the most important developments in the latest housing numbers.

The supply of single-family homes at the end of August was about 13% lower than a year ago, falling below the level seen two years earlier. Condominium and townhouse inventory also declined by approximately 11.5% over the same period.

Meanwhile, the number of completed home sales decreased slightly compared with August 2025.

The combination of fewer homes for sale and relatively stable prices suggests that Florida’s housing market may be moving into a period of stabilization after a prolonged adjustment.

For much of the past two years, buyers had more choices as inventory increased. Some homeowners returned to the market after the pandemic-era housing shortage, while condominium owners in particular faced rising costs related to building repairs, insurance and required reserves.

That additional supply gave buyers more negotiating power. The latest numbers suggest that advantage may be becoming smaller.

Prices Are Rising, But Slowly

The 1.2% annual increase in the single-family median price is relatively modest compared with the rapid price growth Florida experienced during 2021 and 2022.

Condominiums and townhouses recorded a somewhat stronger annual increase of 2.8%, despite continuing financial pressure on many condominium owners.

Older condominium buildings, especially in coastal areas, have faced higher insurance costs, reserve requirements and expenses associated with structural inspections and repairs. Those costs have affected both owners and potential buyers.

Florida Realtors Chief Economist Brad O’Connor described the latest numbers as evidence that the housing market is finding a new balance, with tighter inventory and relatively firm prices offsetting weaker sales activity.

However, the statewide numbers do not tell the whole story.

Florida’s housing market varies dramatically from one region to another. Prices and market conditions in Miami, Palm Beach and Naples can be very different from those in Jacksonville, Pensacola, Ocala or Lakeland.

Mortgage Rates Remain a Major Challenge

Mortgage rates continue to be one of the biggest factors affecting Florida homebuyers.

Higher borrowing costs have made it more expensive for buyers to finance a home, while homeowners who secured mortgages at much lower rates several years ago have less incentive to sell.

For example, the monthly principal-and-interest payment on a $400,000 mortgage can be hundreds of dollars higher at a 7.2% interest rate compared with a 6% rate.

That creates pressure on both sides of the market.

Potential buyers may find that homes are becoming difficult to afford, while existing homeowners with low-rate mortgages may decide to stay where they are rather than take out a new loan at today’s higher rates.

The result is a market in which buyers face affordability challenges while sellers remain reluctant to list their homes.

For now, Florida’s housing market appears to be entering a more balanced phase, with prices holding relatively steady while inventory contracts. The coming months will show whether that trend continues or whether changing mortgage rates and economic conditions bring another shift to the market.