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.

The pace of home-price appreciation declined to its weakest pace in 10 years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

Miami-Dade County experienced year-over-year inventory growth in August as sales dipped.

The pace of new-home sales hit an annual rate of 800,000, its highest level since January 2022. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026. 

The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

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 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.