South Florida Home & Condo Sales – June - September 2025

South Florida’s housing market continues to cool. From summer into early fall, South Florida’s housing market showed signs of cooling, with both home and condo sales declining across Miami-Dade, Broward, and Palm Beach counties.

Rising mortgage rates, insurance premiums, and economic uncertainty have slowed buyer activity, while sellers face longer listing times and increased competition from new developments.

Here's what stood out:

📉 Sales Activity

- Closed sales dropped year-over-year across all counties and property types, with condos seeing sharper declines (up to -15% in Broward).

- Buyer hesitation was driven by high mortgage rates, insurance premiums, and economic uncertainty.

💰 Pricing Trends

- Median sale prices remained high but showed mixed movement:

- Miami-Dade condos rose 6% YoY in June.

- Palm Beach single-family homes fell over 5% YoY.

- West Palm Beach saw a 3.5% price drop in July, one of the steepest nationally.

🕒 Time on Market

- Homes and condos took longer to sell, with median time to contract increasing by 20–75% depending on county.

- Sellers faced pressure to lower prices or offer incentives to compete with new construction.

🏗️ Inventory & Builder Impact

- Inventory rose significantly, but many listings remained unsold.

- Builders continued ramping up activity, especially in Texas and Florida, offering incentives that undercut resale listings.

🌪️ Insurance & Regulation Effects

- Florida’s condo market was hit by reforms requiring structural inspections and reserve funds, leading to higher fees and fewer buyers.

- New legislation in July gave condo owners more time to comply, but uncertainty lingered.

SOURCE: South Florida Business Journal