As Housing Boom Dies, Miami-Dade Home Sales Plummet in July
Miami real estate had a really bad month in July
Close your eyes if you don’t like bad news.
The volume of existing home sales in Miami-Dade County fell 20.8 percent in July compared to July 2015, according to a monthly report released Wednesday by the Miami Association of Realtors.
“That’s an eye-popping number,” said Peter Zalewski of Cranespotters.com
Three main factors are conspiring to slow down Miami’s real estate market: Not enough affordable housing for locals. A lack of foreclosure inventory available for investors to snap up. And a major drop-off in the number of foreign buyers, who’ve been burned by the strong dollar.
“When you see a 20 percent drop, you start thinking not just housing recession but housing depression,” said Jack McCabe, a South Florida real estate analyst.