Existing-home sales increased during the month of May, rising 3.2% year-over-year to a seasonally adjusted annual rate of 4.17 million units.
Key National Highlights:
- Median home price climbed to $429,300, up 1.3% year-over-year — marking 35 consecutive months of annual price increases.
- Single-family homes saw prices rising by 1.3% to $434,300; condo/townhome prices increased 1.7% to $378,200..
- Inventory increased 0.6% year-over-year to 1.55 million homes, equivalent to a 4.5-month supply at the current sales pace.
- Days on market extended to 29 days (vs. 27 days last May).
- Investors and second-home buyers accounted for 14% of purchases.
- Distressed sales (foreclosures and short sales) remained negligible at just 1% of all transactions.
Bottom line: The U.S. housing market showed modest improvement in May, with existing-home sales rising 3.2% year-over-year to 4.17 million units while median prices continued their steady climb to $429,300 (up 1.3% YoY for the 35th straight month). Inventory edged higher to a 4.5-month supply and homes sat on the market a bit longer (29 days), signaling a gradual shift toward more balanced conditions with very low distressed sales.
The Florida Housing Market
Florida’s housing market remained active and resilient in May 2026, with closed sales and new pending sales both rising year-over-year for the ninth straight month. Single-family and condo/townhouse sales showed gains overall, while median prices moved modestly higher for single-family homes and slightly lower for condos/townhouses.
Inventory tightened with fewer active listings year-over-year, supporting more balanced market conditions. New pending sales rose solidly, signaling continued buyer interest and momentum heading into the summer months.
Closed Sales
In April 2026, Florida’s existing-home market remained fairly strong, with 35,223 statewide closed sales (a 2.1% increase from the previous year).
Demand for luxury properties continue to drive the market, with sales of homes priced at $1 million and above climbing 17.9 year-over-year. This marks the sixth consecutive month of double-digit growth in the luxury segment.
Median Sales Prices
Florida’s median home prices have shown impressive stability since mid-2023, remaining within a narrow range despite shifting mortgage rates and seasonal demand fluctuations.
In May 2026, the statewide median price for existing homes rose a modest 1.3% year-over-year to $385,000, staying close to the all-time high of $394,900 reached in June 2024. The luxury segment remained especially strong, with the median price for homes $1 million and above increasing 3.2% year-over-year to $1,600,000.
Active Inventory
Florida’s active housing inventory continues to tighten, declining 13.4% year-over-year in May 2026, to 175,031 units. This marks the fourth consecutive month of declines.
While still well above the post-pandemic lows of 2022, current levels remain notably below the recent high of 204,275 units.
Luxury inventory for properties priced at $1 million and above also decreased 11.6% year-over-year to 25,018 units.
The South Florida Housing Market
Inventory conditions tightened notably, with active listings down 17% year-over-year to 43,047. New listings also declined 4.7% to 10,098, but new pending sales grew 12% to 7,218, signaling robust buyer interest and momentum heading into the summer months.
This balanced yet competitive environment favors well-prepared sellers while offering selective opportunities for buyers in South Florida’s dynamic market.
The Greater Orlando Housing Market
The Orlando-Kissimmee-Sanford MSA experienced a modest slowdown in May 2026. Closed sales totaled 3,528, down 3.3% year-over-year, while dollar volume declined 3.4% to $1.8 billion. The median sale price eased 2.4% to $405,000, reflecting some cooling in pricing amid shifting market dynamics.
Inventory continued to tighten, with active listings falling 5.4% year-over-year to 15,212. New listings were also lower at 4,914 (-2.5%), but new pending sales rose 6.5% to 3,769, indicating resilient buyer demand and positive momentum heading into the summer.
This environment suggests a more balanced market in Greater Orlando, with selective opportunities for well-prepared buyers and sellers.
The Tampa Bay Housing Market
The Tampa-St. Petersburg-Clearwater MSA showed mixed results in May 2026. Closed sales declined 4.0% year-over-year to 5,069, yet total dollar volume still rose 2.8% to $2.5 billion. The median sale price increased 1.8% to $377,000, demonstrating continued price resilience.
Inventory tightened further, with active listings down 11% year-over-year to 20,547. New listings dropped 10% to 6,459, and new pending sales eased 3.6% to 5,112, suggesting a more measured pace of activity heading into the summer.
This points to a relatively balanced but cooling market in Greater Tampa Bay, where well-priced properties continue to perform well for prepared sellers and selective buyers.
Partner With South Florida’s Trusted Real Estate Advisors
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