Home Prices Rebound in Florida as Miami Sees 3.3% Growth

Home prices rose in 78% of American metros this summer, down from 80% in the spring, while Florida saw a resurgence in prices after several years of weak growth and outright declines.

The Sunshine State sharply rebounded in price appreciation following pullbacks there in 2025, according to the latest quarterly report from the National Association of Realtors® released Thursday.

"Homes in nearly all Florida markets are showing price gains," says NAR chief economist Lawrence Yun. "In a similar vein, price declines in other markets may also be brief if the local job market and economy are solid."

Across the 19 Florida markets tracked by NAR, 18 saw gains in median sales prices of existing single-family homes, with only Tallahassee, FL, stalling at 0% price growth. In Miami, Florida's largest market, prices climbed 3.3%, nearly twice the national average.

Florida's comeback should come as no surprise. On a call with reporters in August, Yun highlighted the local housing markets’ resurgence, saying that the state as a whole showed "a strong increase in home sales with price recovering."

As Realtor.com reported at the time, the major catalyst for this resilience is Florida's robust luxury tier, with sales over $1 million climbing nearly 10% year over year in August. 

Florida market’s recovery has been a year in the making. Back in August 2025, even as the state weathered slowing sales and falling prices, PulteGroup, the nation’s third-largest homebuilder, reported an uptick in new orders compared to the previous years, an early signal that demand was poised to rebound.

Modest price gains

Nationally, 4% of metros logged double-digit price gains in the third quarter, down from 5% in Q2, according to NAR. 

The national median single-family existing-home price rose 1.7% year over year to $432,900, matching the downwardly revised annual growth rate in the second quarter.

"Even with affordability challenges causing the housing market to stagnate, home prices continue to set record highs in most parts of the country," says Yun. "Homeowners are the beneficiaries of the price gains. Over the past seven years, the average house has appreciated by $146,000."

At the regional level, Northeast led with the biggest bump in median home prices of 4%, to $561,500, closely followed by the Midwest (+3.6%, $342,500), with the South a distant third (+1%, $374,900).

Meanwhile, the already high-priced West saw its median price shrink by 0.6% year over year to $629,000. 

"Many markets in the Midwest offer exceptional value with more affordable homes, making homeownership more attainable," says the NAR economist. "Meanwhile, the artificial intelligence technology boom continues to push Bay Area home prices higher, keeping the region the most expensive in the country."

These 10 cities saw the biggest hikes in median home prices:

• Gulfport, MS (+11%)
• Rochester, NY (+10.9%)
• Jackson, MS (+10.1%)
• Beaumont, TX (+9.9%)
• York, PA (+9.2%)
• Grand Rapids, MI (+8.7%)
• Cleveland, OH (+8.6%)
• Fort Wayne, IN (+8.5%)
• Youngstown, OH (+7.6%)
• Hartford, CT (+7.5%)

Affordability snapshot

Assessing the state of housing affordability across the U.S., 21% of markets saw declining home prices, up from 20% in the previous quarter.

The median monthly mortgage payment on a typical existing single-family home with a 20% down payment reached $2,251, up $48 from Q2 and up $69 from a year ago. 

The typical U.S. family spent 24.1% of their household income on mortgage payments, up from 23.9% recorded in the spring but down from 24.5% seen in summer 2025. 

First-time homebuyers faced tougher market conditions, with the monthly mortgage payment on a typical starter home valued at $368,000, with a 110% down payment, climbing to $2,208. That’s $46 higher than in the second quarter and $67 higher than a year ago. 

This summer, first-time buyers were spending 36.3% of their income on housing, up from 36% last quarter and down from 37% last year.