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Miami's real estate market is slowing down, according to the latest data from Redfin.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Miami buyers can finally get some relief.
What's happening: Homes sales are decreasing; inventory is increasing.
Yes, but: Arencibia expects Miami's real estate market will hold strong as the city continues to see an influx of wealthy international buyers and "homebuyers from high-tax, high-density states," he said.
The other side: Mortgage rates are above 6% for 30-year loans, which has pushed monthly payments drastically higher than they would've been a year ago, or even six months ago.
By the numbers: The market has steadily cooled since May, when median home prices peaked at $490,000 and 33.4% of listings sold for more than the asking price, per Redfin.
Yes, but: Homes aren't sitting on the market as long as they did last year, per Redfin. In September 2022, homes sold in 50 days on average, compared with 55 days in September 2021.