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Florida's Housing Market Trends: March and Q1 Overview

As the vibrant spring season sets in, the Florida housing market has demonstrated significant momentum, as evidenced by rising closed sales and new pending transactions. According to data from Florida Realtors®, the state has experienced a remarkable year-over-year increase in various metrics, highlighting a more balanced and sustainable market environment.

Sales Growth

In March and throughout the first quarter of 2026, Florida witnessed an impressive rise in closed sales. Existing single-family home sales reached 24,497 units, marking a 5.9% increase compared to the previous year. Similarly, the condo-townhouse sector also saw healthy gains, with sales totaling 9,423, up by 12% over March 2025. When looking at the first quarter totals, closed sales of single-family homes hit 59,174, representing a 5.3% growth, while condo-townhouses saw 22,567 closed sales—up 9% from the same period last year.

These statistics reveal a consistent trend, with March marking the seventh consecutive month of increased closed sales across both property categories. Chuck Bonfiglio, President of Florida Realtors® and broker-owner of AAA Realty Group, attributed these trends to buyers' motivation amid improved inventory levels and steady price trends, allowing for more options in the market.

Pending Sales and Inventory Improvements

Additionally, new pending sales indicated minor but notable growth. There was a 3.3% year-over-year increase in new pending sales of existing single-family homes in March, with an impressive 7.1% rise for the first quarter. New pending condo-townhouse sales increased by 9.6% in March and an encouraging 11.6% for the first quarter. According to Florida Realtors' Chief Economist, Dr. Brad O'Connor, these figures imply a solid underlying demand, suggesting that external factors aside from mortgage rates are influencing the market's resilience.

Price Trends

Interestingly, while the market thrives, price trends have stabilized overall. The statewide median price for existing single-family homes rose to $420,000 in March, a modest 1.8% increase from the previous year. In contrast, the median price for condo-townhouse units remained steady at $315,000, unchanged from a year ago. This balance in price adjustments signals a cautious yet optimistic outlook for buyers and sellers as the market navigates through changes.

For the first quarter of 2026, the statewide median price for single-family homes was $415,000, which is a marginal year-over-year increase of 0.1%. Condo-townhouse properties, however, experienced a slight decrease, settling at $310,000, which is a 1.6% drop compared to the same quarter last year.

Influencing Factors

A notable influencing factor in the increase of closed and pending sales is the variation in mortgage rates. The first quarter of 2025 witnessed notably higher rates, hovering around 6.6% to above 7%. Conversely, this year, rates have mostly ranged between 6-6.1% during the first quarter, enabling more buyers to enter the market. However, recent global oil price spikes have started to cause upward pressure on mortgage rates, due to inflation effects that ripple through the economy, affecting everything from gas prices to consumer goods.

Despite these pressures, Dr. O'Connor notes that many sales were likely locked in at lower rates prior to the market shifts prompted by oil prices. Moreover, current rates are still below what they were a year ago, providing a silver lining for potential buyers.

Future Outlook

The market conditions indicate an optimistic future trajectory for Florida's housing scene. Incomes are gradually rising, helping to bridge the affordability gap. Changes in personal circumstances often drive homeowners to buy or sell, further fueling the market dynamics. According to Dr. O'Connor, the overall health of Florida's housing market continues to improve, characterized by consistent sales growth, stable prices, and increasing inventory that benefits buyers.

As inventory levels currently stand, single-family homes are at a 4.8-month supply, while condo-townhouse properties maintain a 9.1-month supply. Although there is a slight dip in active listings compared to last year, the overall outlook remains quite favorable for both buyers and sellers in this evolving market.

To get a comprehensive view of the statewide housing activity, interested parties can access detailed reports through the Florida Realtors Newsroom, featuring the latest updates and market data.

Florida Realtors® represents the voice of real estate in the Sunshine State, providing invaluable resources and support to its extensive membership base, ultimately paving the way for informed decision-making in today's real estate environment.