WESTON, Fla. – Condos, apartments and single family homes: Demand for every kind of housing in South Florida has been soaring, but some experts see signs of a shift.
Last month, property sales in Miami-Dade, Broward and Palm Beach counties dropped compared to July 2020.
“I see that there’s a correction coming. The question is, is it going to be a correction like what we saw in ‘08 where there’s a bubble that just deflates, or is it going to be something that’s a bit more gradual?” said Weston real estate attorney Roy Oppenheim.
Dr. Ken Johnson, a real estate economist with Florida Atlantic University’s College of Business, said we may be at the peak of a current housing cycle, but he believes we’re far from the crash of 2006 because demand still outpaces supply.
“So our inventory shortage is a problem we’re not going to solve in the next year or two. It’s going to take a while to catch up,” Johnson said.