Miami Housing Market Is Hot

A study indicates that the Miami housing market is one of the most overheated housing markets in the country.
September 19, 2003, 11am PDT | Connie Chung
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"A new study lists the Miami area as one of the most overheated housing markets in the country, with homes selling for 30 percent above what the economy should support. Since 1997, housing prices have risen 50 percent in Miami-Dade County and 68 percent in Broward. But those gains have mostly left economic fundamentals behind, according to the study by Fidelity National Information Solutions....Developers, real estate brokers and some analysts say South Florida's dwindling land supply and popularity with out-of-town buyers will continue to generate steady growth in prices, even if the national housing market falters. And they predict the region's greatest asset -- its weather -- will continue drawing new residents."

Thanks to Connie Chung

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Published on Sunday, September 14, 2003 in The Chicago Tribune

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