PulteGroup, one of the largest homebuilders in the U.S., has reported unexpected gains in Florida, defying a years-long trend of slowing sales and falling prices.
In its latest earnings report, the Atlanta-based builder—responsible for more than 800,000 homes nationwide—announced a 2% increase in net new home orders in Florida for Q2 2025 compared to the same period in 2024. Orders rose from 1,265 to 1,272 units. However, looking at the first six months of 2025, new orders dropped to 1,660 from 2,539 a year earlier.
“We’re really happy with what we saw out of Florida,” said PulteGroup CEO Ryan Marshall during a recent investor call, according to Realtor.com. “We see buyers coming from across the country and the world, as well as movement within the state.”
Why the Gains Were Unexpected
Florida’s housing market has been under pressure recently, with a sharp correction marked by excess inventory—particularly newly built homes—sitting unsold.
During the pandemic-era boom, Florida attracted waves of buyers drawn by affordable prices, low taxes, and sunny weather. Developers raced to meet that demand, making Florida the top state for new home construction. But by the time many of those homes were completed, market conditions had changed. Migration into Florida slowed, interest rates remained high, and affordability challenges kept many potential buyers out of the market. Builders were forced to cut prices and offer incentives like mortgage rate buydowns just to move inventory.
What’s Changing Now
PulteGroup’s improved numbers hint at a potential turnaround. While entry-level home sales are still lagging, the company saw an 18% year-over-year increase in sales to “move-up” buyers—those upgrading from their first home.
This may be linked to the slowing decline in home prices. After reaching a peak of 182,600 active listings in April, Florida’s housing inventory dipped to 174,600 by July, according to Realtor.com. Builders are pulling back on new projects: permits for single-family homes dropped 11% in Florida from January to June compared to the same period last year. Nationally, single-family permits fell 6% in the same timeframe.
Though home prices are still about 10% lower than they were two years ago, this correction is luring some buyers back. Florida posted its first year-over-year gain in single-family home sales since January, with a 2.8% increase in June.
“Buyers are adjusting to the current market reality,” said Tim Weisheyer, president of Florida Realtors and broker-owner of Dream Builders Realty. “We’re seeing a stable market emerge—enough inventory for buyers to choose from, and enough demand to keep sales moving.”
Looking Ahead
Weisheyer doesn’t expect Florida’s inventory to drop significantly but believes it will continue to stabilize.
“New listings for single-family homes are actually up 4.4% year-to-date,” he noted, largely due to strong Q1 activity. Condo and townhouse listings are down just under 1%.
While some areas may still see prices dip, Weisheyer doesn’t expect a return to pre-pandemic lows.
“The U.S. has a housing shortage of around 5.5 million homes. That shortage, coupled with steady demand in high-growth states like Florida, supports current price levels.”
Source: Newsweek
