Freddie Mac's 30-year mortgage rate climbed to 7.40 percent, up from 6.30 percent a year ago, as the 10-year Treasury yield averaged 5.28 percent and buyers pulled back.

The statewide median is an n-weighted aggregate of county medians, so it moves with mix as well as with price.

Closings are the cleanest demand signal we hold, because a closed sale is a completed decision rather than an intention.

Permits lead completions by roughly a year, so this is next year's supply, not this month's.

Falling days on market favours sellers; rising days favours buyers. Direction alone does not say who is winning.

Measured against the ORIGINAL list price, so it captures cuts made during the listing, not just the final negotiation.

Price per square foot strips size mix out of the headline median.

The single largest input to affordability, and the one no Florida policy can move.

Principal and interest only, 20% down. In Florida taxes and insurance are the larger share, so read direction, not budget.

Active listings each June. Annual, because no monthly active-listing history exists yet.

IRS exemptions, net of inflow and outflow. Published on a long lag, so this is a trend, not a nowcast.

Active listings counted across the nineteen markets we cover, from Redfin's county file. A stock: unsold homes accumulate here.

Pending sales counted across the same nineteen markets. A flow: contracts signed that month, the step before closing.

Share of closed sales flagged new construction in the six markets whose builder records reconcile exactly, every month.

Share of closed sales recorded as cash across the seven feeds whose financing field is populated. The Tampa and Orlando core is not yet measured.

Standing for-sale stock divided by that month's closings. Around six months is the traditional line between buyer and seller leverage.

New listings entering the measured feeds each month. A flow: fresh supply, the step before active inventory.