Housing affordability in Miami continues to dive
MIAMI – Inflation, soaring mortgage rates and record high prices are making it extremely hard for so many people to buy a home.
Housing affordability is down 29% from a year ago.
Consistent federal rate hikes are also putting pressure on the real estate market.
Nationwide, home prices soared 43% in two years.
But now, in cities that had those massive spikes, prices are being slashed.
The fastest cooling markets are Seattle, Las Vegas, San Jose, San Diego, Sacramento and Denver.
According to the Miami Association of Realtors, in comparison to a record September 2021, Miami September 2022 sales decreased 28.1% year-over-year, from 3,031 to 2,178.
Still, September 2022 total sales outperformed Miami's pre-pandemic September totals.
Experts say despite the price cuts across the U.S., the average monthly mortgage payment is still higher than if you bought a home at the peak of the market.