Home sales down across the country, except in South Florida
MIAMI - New numbers show U.S. home sales are down once again across the country as inflation and high interest rates continue.
But not here in South Florida where many say it's becoming more difficult to find affordable housing.
Here's the big picture, in Miami prices are up nearly 10 percent year-to-year while in the Fort Lauderdale area, they're up 9 percent.
The Miami Association of Realtors says South Florida is still a seller's market despite rising mortgage rates.
Miami-Dade's total pending sales rose over 35 percent month-to-month. The association's chief economist says homes are in short supply due to strong job growth and home prices are more likely to keep rising than go down.
Also driving up costs for housing, all of the international money coming into the market, migration into the area, and cash buyers. The U.S. Postal Service says South Florida is number one for most inbound population gains.
So what about all of those New Yorkers and Californians?
They're still coming. The Florida Department of Highway Safety and Motor Vehicles data shows out-of-state driver license exchanges remain up double digits.
The housing crisis is leaving many desperate for help. That's why CBS News Miami wants to share your stories to show the crisis you're in or how you navigated the system. We will highlight these issues and work to get answers and solutions. Send us an email at housing@cbs.com.
