real estate
City-by-city price guide: Miami
Miami's party scene may be sought by celebrities, but Markstein says it's ground zero for oversupply. The city also is one of Local Market Monitor's most overpriced markets, and foreclosures are the eighth highest in the country. Single-family sales are improving, but forecasters are monitoring the glut in the condominium market to see how many units close this year, Porter says. Overall, the Southeast Florida housing market remains weak, and Miami will experience significant decreases in prices in the coming years.
| | Median price end of 2007: | $345,900 | | Median price end of 2006: | $366,800 | | % change: | - 5.7% | | Projected change through Q3 2008: | - 21.6% | | Affordability rating: | 8.2 | | Foreclosures in 2007:
(1 for every 37 households) | 25,296 | | Foreclosures in 2006:
(1 for every 76 households) | 12,272 | | Change in foreclosures: | + 106.1% |
|
| Current rate comparison | Price trends
�
|  |
|
|