Home prices are up again in Miami, but where are the buyers? Condos are an issue

Home sales in Miami-Dade and Broward decreased in May compared to last year, with condo transactions dropping significantly due to inventory issues. Single-family home sales in Miami-Dade increased by 6%, while Broward saw a 0.2% decline. Median home prices in both counties rose, with Miami-Dade at $650,000 and Broward at $625,000. Sellers are holding onto high prices from previous years, while buyers struggle with higher interest rates. Despite challenges, Miami-Dade homeowners have double the national average equity gain, reaching over half a million dollars.