For this South Florida Mid-Year Report, we are focusing on single-family homes and condominiums, as well as the number of homes listed for sale and those placed under contract.
Number of Homes Sold Decreased by 10.0%
Home sales decreased overall to 33,977 sales compared to 37,744 in the first half of 2024.
- Single-family sales decreased by 5.7%, condos fell by 14.3%
- Single-family home sales saw a decrease in all months besides January, while condos saw a decrease in all six months when compared to 2024. Market slowdowns, interest rate concerns, and restrictive condo rules have all been contributing factors to the decline that we are seeing in South Florida.
Prices Increase 7.7%
Homes Listed Increased 1.4%
There were 69,567 new listings in the first half of 2025 compared to 68,599 last year.
- 2023 saw the lowest number of homes listed in two decades, and it seems that was the bottom. Many sellers were hesitant to list their homes in an attempt to hold onto their pandemic-level rates.
- However, it comes to a point where making moves is not always a choice, especially when faced with certain life changes such as divorce, family growth, empty-nesters, relocations, and job/income fluctuations.
- Even this slight rise in the number of listings contributes to the rising level of inventory. More supply with diminished demand will contribute to potentially decreased sales and home prices overall.
- In the charts below, you can see that for both single-family families and condos, listings were relatively neck and neck with last year, but for each category, one or two months exhibited a significant rise, which contributed to the overall rise for the first half of this year.
Pending Sales Decreased 12.1%
The number of homes placed under contract decreased 12.1% year over year, with 39,289 pendings for the first half of 2025 compared to 44,683 in 2024.
- With the newer Condo restrictions, high mortgage rates, and insurance costs, the average South Florida buyer budget isn’t enough for this market, contributing to the recent decline in pending sales.
- Generally, the number of homes pending is an indicator of future closed sales, so we could continue to see a decline in sales into the fall.
Predictions for the Rest of the Year
The South Florida housing market is expected to face continued challenges through the remainder of 2025, with a sustained slowdown in growth and declining market activity. Weak performance for new listings and a drop in pending sales suggest that buyer demand is weakening—driven in part by tighter condo restrictions, high mortgage rates, and elevated insurance costs that are stretching buyer budgets beyond their limits.
As CNN reports, home sellers now outnumber buyers by the widest margin in over a decade, shifting the balance of power and signaling a move toward a buyer’s market. Homes are taking longer to sell, prompting more sellers to make price reductions. As this trend continues, sale prices are likely to soften into the fall. In this evolving landscape, sellers will need to be strategic and realistic with pricing to attract serious buyers and remain competitive.
Data provided by SunStats then compared to the prior year.