The Florida housing market in February 2025 presents a complex landscape characterized by subtle shifts in pricing and significant changes in sales dynamics. The Median Sales Price for homes in Florida stands at $411,400, reflecting a modest year-over-year increase of 0.5%. Meanwhile, the Median List Price is $451,000, with a slight YoY rise of 0.4%. These figures suggest a relatively stable pricing environment, albeit with minimal growth.

However, the median Price Per Square Foot has decreased by 1.0% YoY to $257, indicating a potential softening in the value buyers are willing to pay per unit area. Conversely, the Median List Price per square foot has increased by 3.6% YoY to $282, suggesting sellers are optimistic about the market's potential.

Sales activity has seen a notable decline, with Homes Sold dropping by 11.3% YoY to 24,915 units. Pending Sales have also decreased by 12.0% YoY, totaling 36,449. This downturn in sales activity is accompanied by a 3.3% YoY decrease in New Listings, which now number 49,190. Despite fewer New Listings, inventory has surged by 18.1% YoY to 176,394, indicating a significant increase in available homes on the market.

The Months of Supply, a critical indicator of market balance, has dramatically increased by 180.0% YoY to 7.10 months. This substantial rise suggests a shift towards a buyer's market, where supply outpaces demand. Additionally, the Median Days on Market have increased by 13.0% YoY to 75 days, further highlighting the slower pace of sales.

The average sale to list ratio has slightly decreased by 0.5% YoY to 96.3%, indicating that homes are selling for slightly less than their asking prices. The percentage of Homes Sold above list price has also declined by 1.8% YoY to 9.2%, reflecting a cooling in competitive bidding scenarios. Price Drops have increased by 3.3% YoY to 33.2%, suggesting that sellers are adjusting their expectations to align with current market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 5.2% YoY to 21.3%, indicating a slower turnover rate. This trend further underscores the current market's shift towards favoring buyers, as properties remain available for longer periods.

In summary, the Florida housing market in February 2025 is characterized by stable pricing with minimal growth, a significant increase in inventory, and a marked slowdown in sales activity. These factors collectively point towards a market that is gradually transitioning to favor buyers, with increased supply and longer selling times.