Drops in mortgage rates have lured homebuyers into market

Miami's mortgage market ended 2024 with a steady interest rate of 6.7%, down from a high of 7.79% in December 2023. This decrease has encouraged homebuyers to re-enter the market, despite a 9% drop in single-family home sales and a 24% decline in condo sales in the fourth quarter. Inventory has significantly increased, with 5,041 single-family homes and 10,425 condominiums available, marking a 26% and 48% rise, respectively. Experts advise buyers to consider long-term investments despite market fluctuations.