Market news · Oct. 23, 2026

Florida Market Update: Mortgage Rates Dip Slightly as Fall Sales Cool

Mortgage rates fell a little this week, and the September reports show Florida home prices mostly steady while sales slow down. Here is what the latest numbers may mean if you are buying, selling or renting in Central or South Florida.

By Lorena Moscoso, Realtor®

Miami's Brickell skyline and waterfront promenade at sunset

Mortgage rates: a small step down

Freddie Mac's weekly survey, released October 22, 2026, put the average 30-year fixed rate at 7.32%. That is down from 7.40% in each of the two weeks before. A year ago the average was 6.19%. The 15-year fixed rate averaged 6.68%, down from 6.71% the week before.

Rates are still more than a full point higher than last year, and that raises monthly payments and makes it harder for buyers to qualify. In NAR's September existing-home sales report, chief economist Lawrence Yun said recent rate increases mean fewer buyers can qualify. One lower week is not a trend. Freddie Mac's figure is also a national average, and the rate you are quoted will depend on your loan type, credit and down payment.

Statewide: slower, but steady

Florida Realtors released its September data on October 16, 2026. Closed sales of existing single-family homes totaled 20,537, down 3.5% from September 2025. Condo-townhouse sales were 7,179, about the same as a year earlier. The statewide single-family median price was $415,000, up 1.2%. The condo-townhouse median was $293,500, down 1.8%. Chief economist Dr. Brad O'Connor described a market that has lost some momentum but has not fallen apart.

The third-quarter numbers from Florida Realtors show a mixed picture. Single-family homes went under contract in a median of 47 days, down from 52, and sellers received a median of 96% of their original list price, up from 94.9%. Sales of $1 million-plus homes rose 14.9%, while sales between $300,000 and $399,999 fell 4.7%. New pending sales fell 2.5%. In short, the higher end of the market has been stronger than the entry level.

Orlando and Kissimmee: more choice for buyers

The Orlando Regional REALTOR® Association reported that homes spent an average of 66 days on the market in September, up from 64 in August. Sales fell 6.2% from August to 2,325, and inventory rose to 12,464 homes. The report gives two different figures for supply, 5.3 months and 5.6 months. Either way, it is close to but still below the six-month level the association calls balanced. Redfin, looking only at the city of Orlando, reported a median sale price of $405,000 for the three months ending in September. That is down 2.5% from a year earlier, and homes took 61 days to sell versus 52.

In Kissimmee, conditions vary by ZIP code. Early-October estimates from local brokerage Momentum Realty show a median of about $406,000 in 34744, up 1.2%, with homes going under contract in about 33 days. In 34747 the median is about $460,000, down 3.8%, with about 75 days to contract and 581 homes listed. These are one brokerage's estimates, so treat them as a snapshot. For buyers, more listings may mean more room to negotiate. For sellers, pricing and condition matter more.

South Florida: fewer listings, firmer prices

MIAMI REALTORS® reported on October 16 that Palm Beach County's single-family median rose 6.67% year over year in September, to $656,000. The condo median rose 3.33% to $310,000, and condo inventory is declining. Through September the county recorded 21 sales of $30 million or more, tying its total for all of 2025. Single-family sellers received a median of 95% of their original list price, and condo sellers 93%. Local brokerage Echo Fine Properties reported that single-family inventory fell 20%, but pending sales dropped 14%, which may point to slower activity ahead.

For Miami-Dade, Echo Fine Properties reported a September single-family median of $692,000, up 4%, with inventory down 17%. The condo-townhouse median slipped 1% to $417,090, with 11,706 active listings, down 7%. Redfin's data for the city of Miami alone shows homes taking longer to sell, 113 days versus 106 a year ago. Because these sources cover different areas and use different measures, the trend depends on the neighborhood and type of property.

Insurance and condo costs still matter

Estimates of what Florida homeowners insurance costs vary widely. Insurance.com puts the average at $8,471 a year and MoneyGeek at $10,384. GreatFlorida estimates about $8,200 for $300,000 of dwelling coverage and says South Florida typically costs more than the I-4 corridor. Getting quotes early in your search can help you budget.

Florida Realtors notes that the condo market is still adjusting to reserve requirements and other regulations. If you are buying a condo, it may help to review the association's budget, reserve funding and recent inspection reports before you commit.

What it may mean for you

Buyers may have more time and choice than a year ago, especially in parts of Central Florida, though higher rates mean the budget needs a close look. Sellers in tighter South Florida markets are still getting close to list price, but slower contract activity suggests pricing realistically. Renters thinking about buying may want to compare monthly costs, including insurance and HOA fees, before deciding. If you'd like to talk through what these numbers mean for your plans in Central or South Florida, please contact Lorena Moscoso, 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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