ORLANDO, Fla. – Florida’s housing market in February continued to show increasing inventory (active listings) and higher median prices compared to a year ago, according to Florida Realtors®’ latest housing data.

Closed sales of single-family homes statewide last month totaled 18,627, down 21.3% year-over-year, while existing condo-townhouse sales totaled 7,665, down 30.2% from February 2022.

“The 30-year fixed mortgage rate was in the 6- to 6.5% range for much of January, which helped spur some renewed activity in the existing home sales market,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “While closed sales were still down substantially year over year, the numbers for February were much more favorable than what we saw in January.

In February, the statewide median sales price for single-family existing homes was $395,000, up 3.5% from the previous year; for condo-townhouse units, it was $315,000, up 8.6% over February 2022. The median is the midpoint; half the homes sold for more, half for less.

“The supply of for-sale homes is slowly building, which is easing inventory constraints in many markets across the state,” says Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Apopka. “As more inventory becomes available, it will begin to ease some of the pressure on home prices – and that helps buyers dealing with higher interest rates and affordability challenges.

Nationally:

NAR: Sales Up, Prices Down After 131-Month Streak

Buyer types

• First-time buyers were responsible for 27% of sales in February, down from 31% in January and 29% in February 2022.
• All-cash sales accounted for 28% of transactions in February, down from 29% in January but up from 25% in February 2022.
• Individual investors or second-home buyers, who make up many cash sales, purchased 18% of homes in February, up from 16% in January but down from 19% in February 2022.
• Distressed sales – foreclosures and short sales – represented 2% of sales in February, nearly identical to last month and one year ago.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.60% as of March 16. That’s down from 6.73% from the previous week but up from 4.16% one year ago.

Single-family and condo/co-op sales: Single-family home sales soared to a seasonally adjusted annual rate of 4.14 million in February, up 15.3% from 3.59 million in January but down 21.4% from the previous year. The median existing single-family home price was $367,500 in February, down 0.7% from February 2022.

Existing condominium and co-op sales were at a seasonally adjusted annual rate of 440,000 units in February, up from 410,000 in January but down 32.3% from one year ago. The median existing condo price was $321,000 in February, an annual increase of 2.5%.

“Owning a home provides a path to long-term financial security and is a vehicle by which to transfer wealth to future generations,” said NAR President Kenny Parcell. “Realtors deliver expert guidance, objectivity and professionalism to consumers during the complex process of purchasing a home.”

Regional breakdown: Existing-home sales in the Northeast improved 4.0% from January to an annual rate of 520,000 in February, down 25.7% from February 2022. The median price in the Northeast was $366,100, down 4.5% from the previous year.

In the Midwest, existing-home sales grew 13.5% from the previous month to an annual rate of 1.09 million in February, down 18.7% from one year ago. The median price in the Midwest was $261,200, up 5.0% from February 2022.

Existing-home sales in the South rebounded 15.9% in February from January to an annual rate of 2.11 million, a 21.3% decrease from the prior year. The median price in the South was $342,000, an increase of 2.7% from one year ago.

In the West, existing-home sales rocketed 19.4% in February from the prior month to an annual rate of 860,000, down 28.3% from the previous year. The median price in the West was $541,100, down 5.6% from February 2022.

“Working with a local Realtor means consumers have an expert guide who can help them understand the complex and emotional process of buying or selling a home.”

Statewide inventory in February was higher than a year ago for both existing single-family homes, increasing by 131.4%, and for condo-townhouse units, up 106%. The supply of single-family existing homes was at a 2.7-months’ supply while existing condo-townhouse properties were at a 3.2-months’ supply last month.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom at and look under Latest Releases or download the February 2023 data report PDFs under Market Data.

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