Market news · Nov. 9, 2026

Florida Market Update: Mortgage Rates Dip Again While Prices Hold Steady

Mortgage rates fell for a third week in a row, Florida home prices held steady through the third quarter, and South Florida's luxury sales hit new records. Here is what the latest numbers may mean for you.

By Lorena Moscoso, Realtor®

Sidewalk cafes with umbrellas on a palm-lined street in Winter Park

Mortgage rates: a small but steady decline

Freddie Mac released its weekly mortgage survey on November 5, 2026. The 30-year fixed rate averaged 7.18%, down from 7.24% the week before. It was the third weekly drop in a row. The 15-year fixed rate averaged 6.57%, down from 6.60%. One year earlier, the 15-year average was 5.50%. Freddie Mac Chief Economist Sam Khater said the drop is making conditions better for people hoping to buy a home.

The drop is welcome, but rates are still above where they were a year ago. Florida Realtors pointed this out in its October report, saying rates rose during 2026. These averages are not loan offers. Your actual rate depends on your credit, your down payment and the type of loan. If you are shopping for a home, get a fresh quote from your lender. Even a small change can shift your monthly payment.

Statewide: fewer sales, steady prices

Florida Realtors released September and third-quarter numbers on October 16, 2026. In September, 20,537 existing single-family homes sold across the state, down 3.5% from a year earlier. Condo and townhouse sales were 7,179, almost the same as September 2025 (down 0.1%). Florida Realtors said this was the second month in a row of yearly sales declines, and it linked the slowdown to higher mortgage rates.

The full quarter looked steadier. Third-quarter single-family sales rose 0.2% from a year earlier, and condo-townhouse sales rose 3.1%. The statewide median single-family price was $420,000, up 2.4%. The condo-townhouse median stayed at $295,000, the same as a year earlier.

In September, Florida had a 4.4-month supply of single-family homes and a 7.7-month supply of condos and townhouses. Florida Realtors said inventory is tighter than a year ago. Its 2026 president, Chuck Bonfiglio, said homes have generally been selling faster than they did last year. Some market roundups still quote older figures, such as about 5 months of single-family supply and more than 9 months for condos. Those numbers come from earlier data, so we are using the newest official report. Florida Realtors' overall view is that the market has slowed but has not broken down.

South Florida: record luxury sales, softer overall activity

In Miami-Dade, September 2026 numbers from MIAMI REALTORS® show total sales down 2% from a year earlier, from 1,769 to 1,733. Condo sales rose slightly, from 904 to 909. The median single-family price rose about 4%, from $665,000 to $692,000. Single-family sellers got a median of 95% of their original asking price. Cash buyers made up 38.3% of closed sales.

Luxury homes are the strongest part of the market. Through September, Miami-Dade had 24 sales of $30 million or more. That already beats the full-year 2025 record of 21. Across the wider South Florida region, sales of $1 million and up were 20% higher for the year to date.

Overall, South Florida closed sales were down 5.0% in September compared with a year earlier, but up 6.0% for the year to date. In Palm Beach County, single-family sales fell 2.7% and condo-townhouse sales fell 4.3%. Boca Raton was one of the cities where sales rose, up 4%.

For sellers, the 95% figure suggests that pricing close to what buyers will pay still matters. For condo buyers, statewide supply is higher, which can mean more choices. Florida Realtors also said the condo market is still adjusting to reserve requirements and other rules. Before you buy, it is a good idea to review the association's finances with qualified professionals.

Central Florida: what we know so far

We did not find October 2026 market reports for Orlando, Kissimmee, Lake Nona, St. Cloud or Davenport in time for this update, so the statewide numbers above are the best current guide. One local example: a home in the South Bay neighborhood of Dr. Phillips sold for $1,150,000 on October 28. The Orange Observer reported it as the area's top sale that week. A single sale is not a trend, though.

Florida Realtors plans to release its next statewide report on November 16. We also did not find new rent data for these areas this week. We will cover both as soon as reliable numbers come out.

The bottom line

Florida's market is moving at a slower, steadier pace. Rates eased slightly, prices held mostly flat and inventory was a little tighter than a year ago. Results still vary a lot by price range and type of home. Whether you are buying, selling or renting, it helps to look at current local numbers and get insurance and financing quotes early. If you'd like to talk about what these trends mean for your plans in Central or South Florida, I invite you to contact Lorena Moscoso, who is 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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