The Real Deal Miami

Miami tops list of worst housing markets

May 07, 2008 10:06AM

Miami ranks number one on a list of the top ten worst selling housing markets in the country, a recent report by Miami television station CBS4 says. The report says that during the peak real estate market of 2004, Miami housing prices were climbing through the ceiling, with increases in home values of about $1000 a week. They’re now falling a whopping $1250 a week, and further price declines are expected. There are over 24,000 condo units for sale in the Miami area, according to a report from the Florida Association of Realtors, representing a five-year supply for the market.