Home prices are cooling, and condos in Florida are experiencing a deep freeze

At the end of February, ICE says there were 5.4 million recent vintage mortgages (2022-2025) with rates of 6.5% or higher, including 2.5 million at or above 7%, which could equal heavy refinance opportunities in the upcoming months if rates continue to trend downward.

Supply continues to increase

There is a notable cooling in home price growth as the 2025 spring homebuying season begins, and no submarket is cooling like Sunbelt condos. That’s according to the latest Mortgage Monitor report from ICE Mortgage Technology.

An early look at March data from the enhanced ICE Home Price Index (HPI) shows that home prices are softening across the country, which ICE says is largely driven by stabilized mortgage rates, which have been holding around 6.6%-6.7% since mid-March. Annual home price growth slowed to +2.7% in February, with early data for March showing further cooling to +2.2%.

ICE expects details ⇒

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