The Real Deal Miami

South Florida’s housing paradox

June 22, 2011 11:10AM

Sales have been skyrocketing in the tri-county area of late, but prices
are still staying low. Despite a sales record that is stronger than most
in the country, South Florida’s home prices are actually falling faster
than the national average. “It’s an odd time,” said EWM President Ron
Shuffield. “We’re able to say we’re selling more homes and condos than
we’ve ever sold in history, but at the same time 61 percent of our sales
are short sales and foreclosures.” William Hardin, professor of real
estate and finance at FIU, said there was a “squeeze play” going on as
sellers are reluctant to part with their homes unless they have to. [Miami
Herald]