According to Redfin, home purchases are being canceled at a record pace, with nearly 58,000 contracts falling through in July alone. That figure represents roughly one in every seven homes under contract nationwide, highlighting growing uncertainty in the housing market as rising mortgage rates, affordability challenges, and shifting buyer confidence continue to disrupt transactions.
For July 2025, U.S. existing home sales sales increased by 2.0% from June, with increases found in the Northeast, Midwest, and South regions. However, sale transactions remained similar to the same month last year (up just 0.8%).
The median existing-home price climbed just 0.2% year-over-year to $422,400, marking the 25th consecutive month of annual price gains. Single-family home prices rose 0.3% to $428,500, while condominium and townhome prices declined by 1.2% to $362,600.
Housing inventory increased 15.7% year-over-year to 1.55 million units, representing a 4.6-month supply at the current sales pace. Homes spent an average of 25 days on the market, up from 24 days in July 2024.
Individual investors and second-home buyers accounted for 20% of June transactions, while distressed sales — including foreclosures and short sales — made up just 2% of total sales.
The Florida Housing Market
Sales transactions took another dip during the month of July, declining 4.9% to 31,354 transactions. This marks the lowest level since February 2025.
The median sale price across all property types declined to $375,000, representing a 2.6% decline year-over-year. However, median prices have remained fairly stable during 2025.
Active inventory continued its increasing trend, up 24.7% year-over-year to 197,538 units.
Closed Sales
In July 2025, Florida reported 31,354 closed sales transactions, representing a 4.9% decline from the previous year.
Existing single-family home sales dropped by 2.8% year-over-year, while condominium and townhome sales declined by 11.8%.
Sales of homes priced above $1 million fell 6.5%, underscoring ongoing softness in the luxury market.
Median Sales Prices
Since mid-2023, Florida’s median home prices have held relatively steady, with only modest fluctuations. By July 2025, however, the statewide median price had slipped 2.6% year-over-year to $375,000, marking the fifth consecutive month of annual declines.
Even in the luxury market, where homes priced above $1 million typically show more resilience, prices inched up just 0.3% in July.
Active Inventory
Florida’s housing inventory continued to climb in July 2025, rising 20.6% year-over-year to 191,288 units across all property types. While this marks a significant increase, supply still trails the recent peak of 204,275 units recorded in April.
This is the highest level of available homes the state has seen since early 2012, signaling a notable shift in market conditions. The growing inventory is giving buyers more choices and beginning to ease some of the competitive pressure of recent years, though supply remains well below the levels reached during the last housing cycle.
The South Florida Housing Market
As of July 2025, South Florida’s housing market extended its trend of slowing sales activity and softening prices. Closed sales declined 9.1% year-over-year to 5,884 units, while the total dollar volume fell 8.4% to $4.6 billion. At the same time, the median price across all property types slipped 2.7% to $486,500.
Inventory continued to rise sharply, climbing 26% to 49,184 active listings. This surge in supply is providing buyers with more options and could help gradually rebalance the market in the months ahead.
The Greater Orlando Housing Market
In July 2025, Orlando’s existing home sales fell 3.3% year-over-year to 3,377 closed transactions, while total sales volume slipped 1.1% to $1.7 billion.
Despite the slowdown in activity, the median price across all property types held steady at $410,000. Inventory of existing homes for sale continued to expand, rising 25% compared to July 2024. However, new listings edged down 0.9% year-over-year, indicating that while more properties are lingering on the market, fewer sellers are bringing fresh listings to buyers
The Tampa Bay Housing Market
In July 2025, existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined 7.1% year-over-year to 4,766 units, while total sales volume dropped 11% to $2.2 billion.
The median home price across all property types fell 2.9% to $369,000, slipping below the recent peak of $390,000.
Inventory continued to build, with active listings up 20% year-over-year to 22,455 homes. At the same time, new listings decreased 6.1% to 6,278, suggesting that although more homes are staying on the market, fewer homeowners are opting to list their properties
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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