Miami/

Fort Lauderdale

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
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $366,800
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $345,900
* Median prices for existing single-family homes