The South Florida real estate market, particularly in Miami-Dade, is witnessing an increase in median sales prices for single-family homes and condos, but sales are down compared to the previous year. The rising costs of home ownership, including insurance and repair expenses, along with high mortgage rates, a weak stock market, and lack of specific financing options are discouraging buyers. The report noted Florida's recent legislation impacting condo fees, while highlighting that difficulties in obtaining FHA loans for many existing condos limit market recovery.
Macroeconomic reasons out of South Florida's control such as elevated mortgage rates, a slumping stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening.
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