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nventory in Miami-Dade County, which includes one of the most expensive metro markets in Florida and the country, rose by over 43 percent in April compared to the same month a year earlier. This surge in for-sale homes could be a sign that the housing market is about to cool down, even as prices continue to rise at a rate five times faster than the national level.

    Home prices skyrocketed during the COVID-19 pandemic, fueled by low mortgage rates and remote work. In Miami-Dade, the median sale price of a home rose from $330,000 in April 2020 to $585,950 in April 2025. However, dwindling sales and increasing inventory suggest that even popular Miami-Dade may experience a correction.

    According to the latest data, the total number of active listings in Miami-Dade increased by 43.3 percent year-over-year in April, rising from 13,094 to 18,765. Single-family homes saw a 43.04 percent increase, while condo inventory rose by 43.42 percent. Despite growing inventory, single-family home sales remain balanced, but the condo market favors buyers.

    Sales in South Florida are dwindling despite rising inventory levels. A total of 2,133 homes went under contract in Miami-Dade in April, down by 19.1 percent compared to a year earlier. The average time on the market increased by 15 days from the previous year.

    Prices have not come down, and experts attribute this to the rapid price growth fueled by fierce competition during the pandemic. With mortgage rates still high, many prospective buyers are waiting for homeownership to become more affordable.

    Other South Florida counties are experiencing a similar surge in inventory and declining sales. In Broward County, active listings increased by 46 percent year-over-year in April, while Palm Beach County saw a 30 percent rise. Overall, South Florida's housing inventory has nearly quadrupled since 2022, reaching approximately 52,000 active listings.

    Elevated mortgage rates, high home prices, and rising housing costs are contributing to the piling up of unsold inventory in the state's market. Some existing homeowners are deciding to leave the state to avoid rising costs and escape the growing threat of devastating natural disasters.

    Experts predict that affordability could improve via lower home prices and lower mortgage rates. Until buyer demand improves, sellers will continue to reduce asking prices, hoping to spur some buyer attention.