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Originally Posted by LA21st
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Sale prices are still going up though. February 2024 (most recent available) in Miami-Dade County single family home closing sale prices were still up 17% year over year. Condo prices were only up 7%.
Crazy that you have to go all the way up to St.Lucie County to find a county in South Florida were the median single family home price is under $600k (a 115 mile drive from Miami).
The reason for the constant high prices is that despite the narrative South Florida does not build much housing, especially outside of Downtown Miami. Per the census data, Miami's MSA has permitted half as many housing units as places like Austin or Atlanta and has permitted less than half as many single family homes as notoriously anti-developement west coast cities like Los Angeles. The narritive is why can't New York build new housing? New York has permitted 4 TIMES as much housing as Miami's MSA so far in 2024.
Miami builds the high profile projects in the core but it can't expand and sprawl outwards. Most other metros are sprawling like crazy at the fringes buliding tons of new housing.