Fla.’s Aug. Housing Market: New Pending Sales Up
Chief Economist O’Connor: New pending sales for both existing single-family homes and for condos-townhouses rose YoY, likely due to falling mortgage rates last month.
Aug. 2025: Mortgage Rates Drop, Buyers Surge
ORLANDO, Fla. — Florida’s housing market in August continued trends from the past several months with one notable exception: New pending sales — essentially the number of homes for sale that went under contract — were up significantly year-over-year, according to Florida Realtors®’ latest housing report.
In particular, new pending sales of single-family homes were up by 9.9% compared to August of last year, their largest year-over-year increase since last November when they were up by almost 13%, said Florida Realtors Chief Economist Dr. Brad O’Connor. Prior to that time, “you’d have to go back to early 2021 to see similar year-to-year growth,” he said.
Meanwhile, new pending sales of condos and townhouses were up 4.9% in August compared to a year ago, the first time this property type has experienced positive year-over-year new pending sales growth in any month since October of 2023, he noted, and only the second time since November of 2021.
“The most likely reason we saw such an uptick in new contracts in August is that mortgage rates fell to yearly lows early in the month and fell even further late in the month,” O’Connor said. “Rates have continued to decline in September, so it will be interesting to see if even more buyers put homes under contract this month.”
“The Florida real estate market is dynamic and the demand for housing in the Sunshine State will continue grow as time continues,” said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. As the United States’ economy continues to stabilize, the Federal Reserve continues to make rate adjustments and people continue to move to Florida we will see the competitiveness of the marketplace evolve.
“Every community is different, and every transaction carries unique challenges. That’s why working with a local Realtor® matters. Realtors not only bring their expertise to help you navigate pricing, inventory, and negotiations, but they also advocate for your best interests at every step. In a market where conditions can change quickly, that knowledge and guidance provide real confidence.”
Last month, closed sales of existing single-family homes statewide totaled 21,798, down 3.9% year-over-year, while existing condo-townhouse sales totaled 7,424, down 6% over August 2024, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
While closed sales were down year-over-year, O’Connor pointed out, “With new pending sales rising year over year in August, there’s reason to be optimistic that closings could be up over the next month or two, as well.
The statewide median sales price for single-family existing homes in August was $410,000, down 0.4% compared to a year ago, while the statewide median price for condo-townhouse units was $290,000, down 6.5% from August 2024. The median is the midpoint; half the homes sold for more, half for less.
On the supply side of the market, single-family existing homes were at a 5.3-months’ supply in last month, while condo-townhouse properties were at a 9.3-months’ supply.
Summarizing August’s data, O’Connor said, “Most of what we saw was similar to the trends we’ve observed throughout the summer and late spring: Modest declines in home prices, particularly on the condo side, along with mild declines in closed sales and fewer new listings than a year ago, as well. Inventory growth seems to be leveling out or at least slowing down once seasonality is accounted for. That leaves the pop in new pending sales as the big story for this month, thanks to falling mortgage rates.”
To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the August 2025 data report PDFs under Market Data.
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