Florida in September: Home Sales Slow While Condos Reach 7.7 Months of Inventory

Two Different Markets Within the Same State

Florida Realtors' September data show two markets moving in different directions. Single-family home sales fell 3.5% year-over-year, the second consecutive month of decline.

Condo and townhouse sales totaled 7,179 units, nearly matching September 2025 (-0.1%). For the full third quarter, condos grew 3.1% year-over-year, with 22,664 units sold.

Brad O'Connor, chief economist at Florida Realtors, said the market 'has lost some momentum, but it certainly hasn't collapsed.' He attributed the slowdown to this year's rise in mortgage rates.

It's worth clarifying that these figures cover the entire state of Florida, not just Miami. South Florida, and Miami-Dade in particular, has its own dynamics.

High Inventory: How We Review a Condo

Months of inventory measure how long it would take to sell off the current supply at the prevailing sales pace. In September, single-family homes had 4.4 months and condos had 7.7, according to Florida Realtors.

More inventory means more options for buyers and more pressure on sellers to adjust price or terms. The median condo price was US$293,500, down 1.8% from a year earlier; the median for single-family homes rose 1.2%, to US$415,000.

Before recommending a condo in a market with this level of supply, PFS Realty reviews the price history of the specific building, the ratio of units for sale to rented units, and the level of HOA (homeowners association) fees and their trajectory. We also look at the association's financial statements and any pending litigation or special assessments.

We also analyze how long the unit has been on the market and whether it has had previous price reductions. All of that defines the actual room for negotiation, which does exist, but varies widely from one building to another.

Rates and Financing: What the Report Doesn't Say

A question we often hear from clients is whether they should wait for mortgage rates to come down. It all depends on their investment profile.

Florida Realtors' data reflect rates from the general US mortgage market, designed for resident buyers with a local credit history. That's not the profile of most of our Latin American clients. A foreign buyer accesses different financing products, with different requirements, rates, and structures, and in many cases a cash purchase or one with a high percentage of equity remains the most efficient alternative.

Higher rates have cooled local financed demand, which has left more inventory available and given buyers more time and more leverage to negotiate. In our view, the current environment offers concrete advantages for those who arrive with liquidity and clarity about what they're looking for.