Both Miami and Fort Lauderdale will experience a wind-down in the pace of new apartment construction this year, according to Marcus & Millichap’s 2026 Miami Multifamily Investment Forecast.

Miami offered prime conditions for buyers — meaning options abounded and price remained in check.

Middle-income seniors stand to be affected most by projected shortages — those who don’t qualify for subsidized housing but can’t afford new construction.

Affordability challenges continue to bedevil homebuyers, despite mortgage rates falling to a three-year low, the National Association of Home Builders reported. 

Sales of existing homes jumped 5.1% month over month, topping analyst expectations. 

Contract signings were up in all four U.S. regions. 

The NAHB’s monthly survey found the nation’s homebuilders remain optimistic about home sales next year. 

Geographically, trends varied widely, with formerly hot areas like Florida and the Southeast posting the deepest declines and formerly cool areas, like the Midwest, showing healthy gains.

By region, sales rose in the Midwest, Northeast and South but fell in the West. 

The chief economist for the National Association of REALTORS® also predicts home prices will climb 4% compared to 2025. 

Nationwide, the median price for a single-family home increased 1.7% year over year to $426,800. Prices increased by the same annual rate during the second quarter.

Given the rate of sales, the nation had a 4.6-month housing supply, up from 4.2 months a year prior.

Nationally, home sales in the 52 metro areas surveyed by RE/MAX increased 8.5% year over year for the fourth time in 2025, but declined 4.6% month over month.

The cheapest home sold in Fisher Island this year fetched $1.41 million.

The pace of home sales, meanwhile, remained at “multi-decade lows” even as affordability reached its most favorable level since 2022.

Finding an apartment in Miami proved especially difficult during this year’s peak rental season, thanks to high demand and limited supply.