Saturday, April 08, 2006

Miami Housing Market Shows More Signs of Softening

Miami home prices wobbled in February, as the region's formerly red-hot sellers market continued to evolve into a more balanced market between buyers and sellers.

Prices for existing single-family homes in Miami-Dade were up 19 percent on a year-to-year basis but continued to drop on a month-to-month basis, for the third consecutive month. The median price of a single-family home in Miami-Dade now stands at $368,700.

Similarly, Broward single-family home prices were up compared to February last year but down compared to the previous month. A median priced single-family home is now $360,800. In January it was $370,500.

Meanwhile, condominium prices were up on both an annual and monthly basis.

The number of single-family homes and condos sold in February dropped significantly compared to the February of last year. February sales were largely up compared to the number of homes sold in January.

In recent months the inventory of homes for sale has increased dramatically and the days needed to sell a home has increased. Some say this is a so-called soft landing from the markets record highs and insist the market is remains strong but moving at a steadier pace. Others worry the Miami Housing Market is cooling and poised for price declines.

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