Miami stood out for its high cafe density and scored 12th for coffee shops per capita.

The move was widely anticipated and is expected to be followed by additional cuts this year. 

Miami’s housing supply increased by 5,549 homes in August, marking a 34.6% gain from the same month last year.

The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12. 

At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

Miami’s housing market favored buyers in August, according to new data from Zillow.

The value of the U.S. housing market value hit $55.1 Trillion in June, Zillow found, and nine metros hold nearly one-third of the nation’s housing wealth.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted. 

By the end of the year, the city will have added a total of 15,666 units.

Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

At the same time, existing-home sales fell, housing starts were mixed, and days on market jumped.

Despite a slowdown in single-family construction activity, newly built homes are becoming increasingly accessible to American buyers, in terms of both availability and affordability. According to data from the New-Construction Insights report released by Realtor.com, in the second quarter

Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.   

The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index.