Market news · Nov. 3, 2026

Florida Housing This Week: Rates Dip Slightly, Prices Steady, and Buyers Have More Choices

Mortgage rates eased a little in late October, and Florida home prices held fairly steady through September. Here's what the latest numbers may mean for you in Central and South Florida.

By Lorena Moscoso, Realtor®

Roller coaster and lagoon at a Florida amusement park

Mortgage rates are slightly lower but still above 7%

Freddie Mac's weekly survey for the week ending October 29, 2026, put the average 30-year fixed rate at 7.24% and the 15-year fixed at 6.60%. The 30-year average was 0.08 points lower than the week before, when it was 7.32%. The dip came after a long climb. On October 8, Freddie Mac reported the 30-year average at 7.40%, the seventh weekly increase in a row, according to Fox Business. Over the past 52 weeks, the 30-year average has ranged from 5.98% to 7.40%, according to MortgageDaily's tracking of the survey.

These are national averages for well-qualified borrowers with conventional loans, so the rate you're offered may be different. One small weekly drop doesn't mean a trend has started. For buyers, it still makes sense to compare quotes from more than one lender and to plan your budget around today's rates, not hoped-for ones.

Statewide: fewer sales, steady prices

Florida Realtors' report for September and the third quarter, released October 16, describes a market that has slowed but remains stable. Statewide closed sales of existing single-family homes fell 3.5% from September 2025 to 20,537. Condo and townhouse sales were about flat at 7,179. New pending single-family sales dropped more than 7.5%, which suggests the next month or two could also be slow. Chief Economist Dr. Brad O'Connor said the gap between current mortgage rates and last year's rates could keep sales subdued in the near term. He also noted that prices have held steady and that luxury sales are still strong.

Supply was 4.4 months for single-family homes and 7.7 months for condos and townhouses in September. More months of supply usually gives buyers more choices and more room to negotiate. Florida Realtors plans to release its next statewide report on November 16.

Condos: sales are up, but look closely at costs

Condo and townhouse sales across Florida rose 3.1% in the third quarter from a year earlier, to 22,664 closings, while single-family sales rose just 0.2%, according to Florida Realtors. Lower price points have helped condos as the market adjusts to newer reserve requirements and other rules. Florida Realtors also reminds buyers that association fees, reserves and possible special assessments can add to the cost of owning a condo. Before you make an offer, review the association's budget, reserve information and recent meeting minutes.

Central Florida: Orlando, Kissimmee and nearby areas

The Orlando Regional REALTOR® Association said area home prices held steady in September. It also said rising mortgage rates slowed sales and pushed inventory to 5.3 months of supply. For buyers in the Orlando, Lake Nona, Kissimmee and St. Cloud area, that likely means more homes to pick from and less pressure to decide quickly. Sellers may need to price carefully and be ready to talk about repairs or closing-cost help.

Insurance in Central Florida looks fairly stable. An insurance advisory firm's summary of state Office of Insurance Regulation (OIR) data, current as of September 2026, lists average admitted-market homeowners premiums with wind coverage at about $2,940 in Osceola County and $3,610 in Orange County. Both are up modestly since January.

South Florida: Miami, Boca Raton and Highland Beach

Redfin reports that Miami home prices were up 4.8% over the three months ending September 2026 compared with the same period a year earlier. PBP Real Estate, a brokerage that publishes figures from BeachesMLS listing data, said that as of October 29, Miami houses for sale had a median of 50 days on the market and condos and townhouses had a median of 72 days. It also said 40.8% of houses for sale had cut their asking price. For sellers, that points to a market where realistic pricing matters. For buyers, it may mean more room to negotiate.

In Palm Beach County, which includes Boca Raton and Highland Beach, MIAMI REALTORS® reported a September median single-family sale price of $656,000, up 6.67% from a year earlier. Cash buyers made up 51.4% of closed sales. The county has also had 21 sales of $30 million or more so far this year, which already ties its total for all of 2025. PBP Real Estate reports a higher September median of $700,000 for county houses. The two groups use different data, so treat any single median as an estimate, not an exact number.

Insurance: some relief, but averages vary a lot

According to the same OIR-based summary, average premiums fell in 51 of Florida's 67 counties between the regulator's January and July 2026 reports. Citizens also lowered its average HO-3 rate by 8.7%. The statewide average for state-licensed insurers was listed at about $3,736 a year with wind coverage. Other consumer sites publish much higher averages. Insurance.com, for example, lists $8,471. Because these estimates are calculated in different ways, the best move for buyers is to get real insurance quotes for a specific property early in the process.

If you're thinking about buying, selling or renting in Central or South Florida and want to talk through what these trends mean for your plans, please reach out to Lorena Moscoso. She's happy to help in English or Spanish.

Sources

This article was prepared with AI assistance from the public sources listed. It is general market information, not legal, tax or investment advice, and figures may have changed.

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