Falling mortgage rates, looming condo reform deadline shape South Florida housing market

South Florida's housing market shows contrasting trends. While single-family home sales are increasing, the condo market is slowing due to rising inventory and declining demand. Closed condo sales fell between 2.4% and 7% across Miami-Dade, Broward, and Palm Beach counties, with inventory doubling in July. Despite longer selling times, condos are still selling for about 94% of their asking price. In contrast, single-family home prices are rising, with Miami-Dade seeing a 10% increase. Overall, the market is adjusting to new regulations and changing buyer dynamics.