FL: South State Real Estate Inventory Shrinks to Lowest Level Since 2008

South Florida Real EstateSouth Florida’s logic-defying housing market continued to embrace peculiar trend lines in May — sales soared, slashing down the inventory even further, but overall prices fell once again.

Market trends in Miami-Dade and Broward counties diverge from the national housing story, for better and for worse. Local sales are increasing while the national market slumps, but local prices are falling faster than the national average.

The region’s real estate narrative is also at odds with traditional market economics. The coexistence of shrinking supply, rising demand and falling prices has left analysts with a number of questions: How long can this frenzied sales pace –fueled by Latin American and cash investors’ appetite for discounted real estate — continue? With inventory shrinking rapidly, when will the strong sales activity translate into price stability and appreciation, as market economics dictate? How large is the “shadow inventory,” and how will those unlisted bank-owned homes affect the recovery?

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