Victoria Robinson, Realtor

Foreign buyers purchased $45.3B of U.S. existing homes from April ‘25 through March ’26, a 19.1% increase from the previous 12-month period. International buyers purchased 67,100 properties, down 14% from the prior year.

The number of homes going under contract fell in June as mortgage rates averaged 6.49%, creating a market that is especially difficult for first-time homebuyers.

No state income tax. $15.7 billion in reserves. A budget surplus.

And a property tax ballot measure that could eliminate taxes for 60% of homeowners on the November ballot.

Florida is making a serious case.

Here's where things actually stand.

Florida has had zero state income tax for decades. That's not new. What IS new is what just happened in Tallahassee.

On June 2, 2026, the Florida Legislature passed HJR 1F, the "Save Our Homes from Excessive Property Taxes" amendment, with a 75-26 vote in the House and 30-9 in the Senate. It now heads to Florida voters on November 3, 2026.

If it passes with 60% approval, here's what happens.

The homestead exemption on non-school property taxes rises from $50,000 to $150,000 in 2027, then to $250,000 in 2028. For roughly 60% of Florida homeowners, that wipes out their non-school property tax bill entirely.

A few things worth knowing before you start packing boxes.

School district taxes are NOT included. So property taxes don't go to zero completely, but for most homeowners the reduction would be substantial.

And if you move to Florida after December 31, 2026, you face a waiting period before qualifying for the full exemption.

The opposition argument is real too. Property taxes fund 74% of local government revenue in Florida. Police, fire, parks, roads.

The Florida Policy Institute estimates the $250K exemption alone costs counties $4.8 billion a year. Nobody has a clean answer for how that gap gets filled.

The 60% threshold is also high. For context, Florida's abortion rights amendment got 57% in 2024 and failed.

But property tax relief polls well across party lines and the case for Florida's fiscal model is hard to ignore.

$15.7 billion in reserves. Budget surplus. Zero income tax. AAA credit rating from every major agency, which now exceeds the federal government's own rating.

Whatever your politics, that's a balance sheet worth paying attention to.

The U.S. Department of Housing and Urban Development announced 14 changes to its FHA Single Family mortgage insurance program, part of roughly 150 regulatory updates aimed at cutting red tape and making home loans easier to obtain.

Florida has 1.48 million vacant homes, and half of them, about 741,000, are sitting empty as seasonal or vacation properties, according to a Compare the Market analysis of Census Bureau data. The glut of part-time homes is putting pressure on year-round residents looking to buy or rent.

First-time buyers rose to 35%, the highest since June 2020, as inventory opened entry points. Demand remains competitive with 25% of homes selling above list price, but sentiment cooled and homes averaged 2.3 offers.

Florida luxury real estate is booming!
While everyone is talking about high rates and affordability - the wealthy are quietly buying up luxury properties.
Q1 2026 data:
📈 $1M+ home sales up 14% year over year
📈 $5M - $10M homes up 31%
📈 $1M+ condos and townhouses up 41%
📈 $3M - $5M condos up nearly 69%
Affluent buyers aren't waiting for perfect conditions. They're relocating, investing, and buying second homes in Florida - regardless of rates or economic uncertainty.
If you're thinking about buying or selling but waiting for rates to drop or prices to come down - experts are predicting prices will only go higher, with no rate relief in sight.

Pending Home Sales Jump 10% From a Year Ago to Highest Level Since 2022

Sale prices are rising as homebuying demand strengthens.

U.S. pending homes sales jumped 9.6% year over year to their highest level since September 2022, on a seasonally adjusted basis. Pending sales are rising in every major U.S. metro except three (Houston, Detroit and Seattle). Mortgage-purchase applications are up 4% week over week.

Strengthening demand is pushing up prices. The median home-sale price rose 2.2% year over year during the four weeks ending May 10, the second-biggest increase in the last seven months.