Condo prices on a steady downward trend in Miami

An increase in inventory and fewer sales are driving down condo prices in Miami, with the median sales price for a 1,000 sq ft condo dropping to $420,000 in June, a 6% decrease from March's high. This marks three consecutive months of price declines as buyers await better financing conditions. In contrast, Broward County's condo prices remain stable, with a median price of $287,500, reflecting slight increases. Experts predict further year-over-year price declines in Miami's condo market.