Rising housing prices within the Miami Beach
and Barrier Island region are pulling in additional
re-sale inventory to a market that has long seen
limited supply that held back sales. Despite the
20% increase in listing inventory, there was a 7.9%
decline to 1,061 condo and single family sales
from the prior year quarter. The absorption period,
the number of months to sell all existing inventory
at the current pace of sales, increased to 11.3
months from 8.6 in the prior year quarter. Rising
prices and a strengthening U.S. dollar are helping
to temper the blistering pace of the past several
years…