Florida luxury home sales post strong July gains

Florida’s luxury housing market continued to stand out in July, with million-dollar sales posting strong gains in both the condo and single-family markets.

Closed sales of condos and townhouses priced at $1 million or more rose more than 31% from a year earlier, according to Florida Realtors®’ latest housing market report. Sales of single-family homes above $1 million were up more than 27% year over year.

The strength is not limited to one corner of the state.

“The luxury home market has simply been strong across the entire state throughout the year, regardless of property type,” Florida Realtors Chief Economist Dr. Brad O’Connor said.

The gains at the upper end also stand out because higher mortgage rates continue to weigh on many buyers. O’Connor said affluent buyers tend to be less sensitive to rates because they are more likely to pay cash, make larger down payments or use equity from another property to help finance a purchase. Many have also benefited from growth in financial assets over the past several years.

That helps explain why higher mortgage rates have been less of a barrier for luxury buyers than for buyers in other parts of the market.

The luxury condo and townhouse segment has been particularly strong throughout 2026. July’s more than 31% year-over-year increase was actually the second-lowest annual gain for the $1 million-and-up segment so far this year. Those sales accounted for a little more than 6.5% of all condo and townhouse closings in July.

The $500,000 to $1 million condo and townhouse segment also had a strong month, with sales up 24% from a year ago.

O’Connor said high-end condo buyers are often shopping for a different reason than buyers in more price-sensitive parts of the market. Luxury sales are frequently concentrated in newer buildings and desirable coastal areas, where buyers are looking for the location, amenities and lifestyle those properties offer.

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