Condo sales and prices lag in South Florida - except for one market
Briefly

In May 2025, Miami-Dade experienced a 25% decline in condo sales, contrasted by rising luxury sales. The overall market struggles due to high mortgage rates and strict financing hindering mid-tier buyers. Despite holding steady at a median price of $425,000, the condo inventory is rising but new listings are decreasing, signaling owner hesitance due to uncertainty in market conditions. While luxury sales are thriving, the middle-class segment faces challenges in accessing condo ownership, presenting a mixed picture in Miami's real estate landscape.
"Sales of luxury condos are on the rise in Miami-Dade County, but the broader condo market continues to sputter, with prospective buyers struggling with financing and rising costs."
"Sales have remained weak with mortgage rates hovering at near 7%," Gay Cororaton, chief economist for the Miami Association of Realtors, said in a statement. "The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year."
Read at Miami Herald
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