Home prices in Miami dropped over 11% last month due to decreased interest in single-family homes and increased availability of condos. Condos made up two-thirds of homes for sale, contributing to the overall price decrease. Condo prices fell by nearly 13% compared to a year ago, while single-family home prices dropped by 4.5%. The median home price in Miami is now $439,000. The Florida housing market is facing challenges such as high mortgage rates and decreased demand after a surge during the pandemic, leading to lower prices.
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