Fla.'s Housing Market: Inventory Rises, Median Prices Drop in May

ORLANDO, Fla., June 23, 2025 /PRNewswire/ -- Florida's housing market in May reported increased for-sale inventory (active listings) and lower median prices compared to a year ago – statewide trends over the past few months, according to Florida Realtors®' latest housing data.

"Florida's housing market is finding its balance, and that's good for buyers and sellers alike," said 2025 Florida Realtors President Tim Weisheyer, broker-owner of Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. "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."

Closed sales of existing single-family homes statewide in May totaled 24,756, down 5.7% year-over-year, while existing condo-townhouse sales totaled 8,345, down 19.9% over May 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

The statewide median sales price for single-family existing homes last month was $415,000, down 2.7% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $310,000, down 6.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at the statewide median sales price for single-family existing homes in May, Florida Realtors Chief Economist Dr. Brad O'Connor noted that while last month marks the third consecutive month for a year-over-year drop, May's decline was less than what was seen in April.

"But there is a clear divergence from last year's price levels starting to emerge," he 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."

However, price erosion in the condo and townhouse category began in July of last year, O'Connor said, a trend continuing in May. He pointed out that statewide median prices for condo and townhouse units are "still 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."

With for-sale inventory in Florida on the rise, some price weakness in both property categories is to be expected, according to O'Connor.

He added, "We've been chronicling the expansion of Florida's inventory of homes for sale since early 2022. 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."

On the supply side of the market, inventory (active listings) rose 28.8% year-over-year for both existing single-family homes and for existing condo-townhouse properties compared to May 2024.

Single-family existing homes were at a 5.6-months' supply last month while condo-townhouse units were at a 10.3-months' supply.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the May data report PDFs under Market Data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to about 238,000 members in 50 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors