Florida home sales increase as Federal Reserve expected to cut rates again

NORTH PORT, Fla. — Florida Realtors said home sales increased in September, as the market begins to readjust.

Single-family home sales increased 13.6% in September over last year, according to Florida Realtors. North Port-based Realtor David Haller said he’s not surprised.

WATCH: How rate cuts could impact Southwest Florida housing market:

Many sellers lowered their price to meet buyers expectations, Haller said

“Yeah I think the sellers needed to get realistic,” Haller said. “And we’re in a much more healthy market right now.”

Home prices surged during the pandemic, leading to a red-hot Florida market. But now fewer people are moving south, putting pressure on home prices.

The North Port median home sale price dropped 3.3% in September compared to last year, according to realty website Redfin. Haller said some home prices dropped even more. The median North Port home sold for $347,000 in September.

204 homes were sold in North Port last month, up from 185 the year before.

Redfin released a report this week that finds the typical home sold last month went for 1.4% less than its final list price. That’s the biggest September discount since 2019.

Home buyers were also encouraged by rate cuts, Haller said. In September, Federal Reserve Chair Jerome Powell announced a quarter point cut – the first cut since December.

The Federal Reserve is still expected to cut rates again next week – after inflation climbed 3% compared to last year, according to the U.S. Bureau of Labor Statistics. Inflation increased at the fastest rate since January, but slightly below economists expectations.

CNN reports the average 30-year fixed mortgage rate dropped to 6.19% for the week ending Oct. 23. That’s the lowest rates have been all year, according to Freddie Mac data.

After the Federal Reserve cut rates, Haller said he started to get a lot more calls.

“We’ve seen homes and condos that were sitting on the market start to get a lot of showings,” Haller said. “We had a lot more foot traffic through our open houses. And that turns into offers, which turns into deals.”

Even if monthly payments are only a few hundred dollars cheaper, Haller said, it could encourage skeptical home buyers to pull the trigger. Some realtors have started to get multiple home offers, Haller said.

More foreclosures could also increase sales.

Data website ATTOM published a report that finds national foreclosure filings increased 17% between July and September, compared to last year. Florida had the second-worst foreclosure filing rate in the nation, according to the report.

Nationwide, one in every 1,402 housing units had a foreclosure filing during the third quarter of 2025. Cape Coral had the third-worst foreclosure rate in the U.S., according to the report, with one in every 589 units.

Lakeland, Florida had the worst foreclosure rate in the country at one in every 470 units.

Haller said he noticed two foreclosures signs while driving around the other day. It’s the first time he’s seen those signs in a while.

“It’s just a reality,” Haller said. “Throughout the country we’re going to see this, but I think in Florida in certain markets, we’re definitely going to see it.”