Florida’s housing market saw a decline in closed sales across most areas in August, while median home prices remained stable.

Florida’s housing market experienced a decline in closed sales across nearly every Metropolitan Statistical Area (MSA) in August, while median home prices remained stable, signaling continued strength in property values despite fewer transactions.

Data released by Florida Realtors on Thursday shows that closed sales of single-family homes statewide dropped 1.1 percent compared to August 2023. Townhouse and condo sales saw a steeper decline, falling 14.9 percent year-over-year. The real estate trade association attributes the slowdown is factors including rising mortgage rates and economic uncertainty, which have dampened buyer activity.

“As home prices moderate and inventory levels improve, it should help increase new listings and offer more choices for potential homebuyers,” said Florida Realtors President Gia Arvin. “Lower mortgage interest rates will also help boost buying power and ease affordability issues.

Major markets saw some of the largest declines. The Miami-Fort Lauderdale-West Palm Beach MSA, typically one of the state’s busiest real estate areas, reported an 8.4 percent drop in single-family home sales. Naples-Immokalee-Marco Island saw a 17.1 percent drop, and sales in the Orlando-Kissimmee-Sanford MSA fell by 6.5 percent.

Despite the dip in sales, median home prices have remained stable in many parts of Florida. Statewide, the median price for single-family homes in August was $411,638, down just 0.8 percent from the previous year. Some regions, such as Miami, saw price increases, with the median price rising 7.6 percent to $635,000. Tampa-St. Petersburg-Clearwater also saw a 4.9 percent increase in median prices, reaching $425,000.

In contrast, the townhouse and condo market showed more volatility. Cape Coral-Fort Myers saw a 7.4 percent drop in the median condo price, while Naples recorded a 17.1 percent decline in condo sales. Statewide, the median price for townhouses and condos was $310,000, a 4.3 percent decrease from August 2023.