Florida’s for-sale home inventory was up in May compared to a year earlier, and median prices were down, continuing a months-long statewide trend, according to housing data from industry association Florida Realtors.
“Florida’s housing market is finding its balance, and that’s good for buyers and sellers alike,” Florida Realtors President Tim Weisheyer said in a news release. “We’re seeing more inventory, more opportunity, and a market that’s shifting toward sustainability after years of intense demand. Buyers are adjusting to today’s interest rates and focusing on long-term value, while motivated sellers are pricing with strategy in mind.
“In this evolving market, preparation and expert guidance are key – and that’s exactly where your local Realtor makes the difference,” said Weisheyer, who is also broker-owner of Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida
Sales of existing single-family homes in Florida declined 5.7% year-over-year in May, totaling 24,756. Meanwhile sales of condominiums and townhouses fell 19.9% year-over-year to 8,345. All the figures are for sales that have closed, which may happen from 30 to 90 or more days after sales contracts are written.
The median sales price for Florida existing single-family was $415,000 in May, a drop of 2.7% from May 2024. The median price for condo-townhouse units was $310,000, a decline of 6.1% year-over-year.
The Florida Realtors Research Department obtained the data in partnership with local Realtor boards/associations. The median is the midpoint; half the homes sold for more, half for less.
Florida Realtors Chief Economist Dr. Brad O’Connor said in the release that while May 2025 is the third consecutive month for a year-over-year price decline, May’s change was less than April’s.
“But there is a clear divergence from last year’s price levels starting to emerge,” O’Connor said. “Still, prices remain in the neighborhood of where they’ve been since early 2022 and are 54% above where they were at this time in 2020. May’s year-over-year decline at the state level also masks some considerable variation at the local level, with the median price for single-family homes only falling in 13 of Florida’s 22 metropolitan areas.”
Condo and townhouse price erosion began much earlier — in July 2024, a trend that continued in May, O’Connor said. He noted that median prices for condo and townhouse units in Florida remain 54% higher than in 2020 – “the same difference observed for the single-family side of the market – but in this case, there is more uniformity at the local level, with 19 of Florida’s 22 metros seeing a year-over-year price decline in May.”
Price weakness in both property categories is expected because for-sale inventory in Florida is increasing, O’Connor explained.
“We’ve been chronicling the expansion of Florida’s inventory of homes for sale since early 2022,” he said. “For more than a year, within both property type categories, inventory levels have been in excess of the levels that were typical of the period of housing market stability we experienced from 2014 through 2019. They remain well below the levels we were seeing in 2008 when we experienced a large price correction during the Great Financial Crisis, which is why right now we are only seeing some minor price erosion by comparison.”
Inventory (active listings) increased 28.8% year-over-year for both existing single-family homes and existing condo-townhouse properties compared to May 2024.
Existing single-family homes for sale were at a 5.6-month supply in May while condo-townhouse units were at a 10.3-month supply.
To see the full statewide housing activity reports, go here.
