Miami housing inventory falling fast

Residential inventory in Miami-Dade County is continuing to plummet, dropping 21 percent since the first of this year and 60 percent in the last three years, according to data from the Miami Association of Realtors. What is not clear is the impact the rapidly-falling inventory will have on prices. “The fear that is keeping pressure on pricing is the fear of the unknown,” said Ron Shuffield, president of EWM. “How many foreclosures may still come to market?” Foreign buyers continue to drive the boom, with Venezuelans leading the charge at 25 percent of all foreign transactions. [Miami Today]