“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi

Miami-Dade County real estate set a record for the most total home sales in a three-month period in the second quarter, as pent-up demand, more U.S. individuals and companies moving to South Florida and record-low mortgage rates fueled transactions.

Following months of sky-high prices paired with manic competition — driven by limited supply — the frenetic housing market is starting to cool down. Somewhat.

Florida’s housing market continued to show strong gains in the second quarter, with solid annual gains in closed sales, rising median prices and new listings, according to the latest housing data from Florida Realtors.

Smaller, more affordable homes are hitting the market, helping moderate median list prices, according to Realtor.com.

The number of new entry-level homes with two-bedrooms and about 1,400 square feet has fallen to its lowest level in five decades, according to Freddie Mac. This makes it harder for first-time new homebuyers to escape renting.

For the first time since early March, no new records were set for median-home-sale prices last month, ending the five-month streak of record-breaking home prices.

Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.

Many local residents from Palm Beach, Broward and Miami-Dade counties decided to move from South Florida and buy homes in less crowded and cheaper areas of the state, according to a recent study from CoreLogic.

The federal moratorium on evictions ended over the weekend on July 31, putting more than 144,000 Floridians at risk of becoming homeless.

Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index. 

The nationwide housing inventory shortage that has driven growth in prices and demand in South Florida and other major markets may be beginning to ease, according to RE/MAX’s National Housing Report for June.

As population booms with transplants to Florida, real estate prices are skyrocketing for rentals and sales.

Condo sales in Miami-Dade County remain strong, with record increases, after the collapse of the Champlain Towers South in Surfside, the Miami Realtors Association said in a statement.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

Florida’s housing market in June continued the same trends as previous months with more closed sales, higher median prices and more new listings compared to a year ago, according to Florida Realtors’ latest housing data.