Miami, FL

Is Miami losing its luster?

Published

1 year ago

August 5, 2024

With its lines of palm trees, breathtaking beaches and dazzling lifestyle, Miami has long been a vibrant real estate hotspot in the ever-popular Sunshine State, attracting people from all over the country eager to move in—especially since the pandemic hit.

But in recent months, Miami’s housing market has experienced an unusual slowdown, with listings getting “stale” on the market and sales slumping as buyers shy away from purchasing properties whose prices have eclipsed their pandemic peaks.

According to the latest data from Redfin, 452 homes were sold in June, down from 597 last year. Meanwhile, the median sale price of a home was $600,000 in the same month, up 1.7 percent compared to a year earlier.

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Perhaps because homes are still so expensive in the city and mortgage rates are still hovering around the 7 percent mark, buyers appear reluctant to conclude purchases.

The real estate brokerage reported that homes in Miami remained an average of 83 days on the market before going under contract, up from 75 days last year. A listing is considered “stale” after at least 30 days on the market.

“The Miami market is currently experiencing a slowdown, and many are feeling its impact,” Riley Smith, president of Riley Smith Group with Compass Florida, told Newsweek.

“Several factors are contributing to Miami’s current market conditions. Interest rates coupled with low single-family home inventory remains a challenge, despite some relief in Miami’s condo market inventory,” Smith said.

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“Additionally, we’re returning to pre-COVID seasonality in home transactions. With many people leaving town during the summer, we’re seeing fewer new contracts and less new inventory hitting the market.”

Home sales have slumped in Miami as mortgage rates and prices remain high. But experts say Miami will recover from this “seasonal slowdown.”

Photo-illustration by Newsweek

Is This the End of Miami’s Magnetic Charm?

According to data from the Miami Association of Realtors, Miami-Dade’s total sales decreased 13.2 percent year-over-year in June, from 2,364 to 2,051. Miami single-family sales declined 3.8 percent year-over-year, from 1,004 to 966. And existing condo sales decreased by 20.2 percent year-over-year, from 1,360 to 1,085.

The association attributes this decline to an ongoing lack of inventory, high mortgage rates, and, in the case of condos, the introduction of new strict regulations for owners and associations, which has caused a selling frenzy in the city.

Despite negative sale numbers, Smith doesn’t believe that Miami has lost its luster for good, attributing the current negative numbers to a seasonal slowdown.

“As we approach the end of the year, I anticipate the market will pick up again,” he said. “Historically, Miami’s market tends to pick up in the fall and winter season. While price reductions may seem more common, sale prices are still consistent and strong. The current slowdown is more about seasonality and inventory than a complete market downturn.”

Miami Association of Realtors Chairman-Elect Eddie Blanco agrees, saying that seasonal declines shouldn’t be misread.

“I feel like whenever you have a brush stroke of the market in general, it’s somewhat misleading. Real estate is so specific that things come down to the specific location of a single home—the neighborhood, the block, the subdivision, the city,” Blanco told Newsweek.

While home prices have experienced a recent downturn in Miami, the bigger picture tells a different story. “The price of single-family homes in Miami has actually gone up 245 percent since 2012,” said Blanco. “We’ve had 151 consecutive months of single-family median home price increases,” he added. “That’s 12.5 years. It’s the longest-running streak we’ve had.”

Blanco minimized the importance of a 3.8 percent year-over-year decline in the sales of single-family homes in Miami in June, as reported by its association.

“It’s not a significant concern,” he said. “That could just be a trend of, I don’t know, maybe the pace of migration. Maybe it’s just concerns over the overall economy. Maybe, in my personal opinion, it’s the election year. But a 3.8 percent year-over-year drop is a very marginal adjustment.”

Redfin data show that pending sales in Miami dropped by 11.7 percent in the four weeks ending June 30—the fourth-largest decline in the country. In the real estate brokerage’s report for the four weeks ending on July 28, Miami no longer appeared among the metropolitan areas with the biggest year-over-year decreases in pending sales.

Addressing concerns of the Miami housing market becoming overvalued due to weather conditions and prices plunging by the end of the year, Blanco said that these worries are “old news.”

“The idea that Florida will be underwater one day has gone around for years, and that obviously hasn’t impacted people’s buying. If it’s true that sea level rise is impacting our market, then we wouldn’t see that level of migration and the level of price increases that we’ve seen over the years,” he added.

That said, Blanco admits that the Miami housing market might be perceived by some people as overvalued, “but that’s because they may not be looking at how Miami has truly blossomed into a real international market in the past 20 years,” he said. “I’ve grown up here, and I watched Miami develop from a vacation destination into an international metropolis.”

When you compare Miami home prices to that of other major international real estate markets like London, “our price per square foot is still a discount,” Blanco said.

The only thing that troubles Blanco when looking at the future of the Miami housing market is not a real estate change but “some kind of global black swan event that could create an exorbitant amount of job loss, which could cause real estate values to come down.”

That doesn’t seem likely to happen at the moment, with the U.S. economy and the country’s job market still going strong. Apart from this, “as long as people can afford to pay the rents and pay the mortgage payments that they’re paying, that they have been paying for years, I don’t see how there could be a significant adjustment and decline,” Blanco said.

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Miami, FL

MDSO: 2 arrested, 1 sought in Miami-Dade Alo, Dick’s Sporting Goods retail thefts

Published

12 hours ago

January 29, 2026

Press Room

MDSO: 2 arrested, 1 sought in Miami-Dade Alo, Dick’s Sporting Goods retail thefts

MIAMI-DADE COUNTY, Fla. — Two women were arrested Wednesday in connection with a series of retail thefts that occurred at multiple Alo stores and a Dick’s Sporting Goods in Miami-Dade County over a two-year period, deputies confirmed.

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The suspects were identified as 20-year-olds Keiyonna Jameshia Jones, of Lauderhill, and Markesha Desronvil.

According to arrest reports frome the Miami-Dade Sheriff’s Office, Jones is accused of working alongside Desronvil and Kevaria Jones, 21, who remains at large, in multiple thefts at retail stores in the county.

Deputies said that on Dec. 21, 2025, Jones, Desronvil, and Kevaria Jones entered the Alo store at 7535 SW 88th St. in the Dadeland Mall, grabbed merchandise and concealed the items before leaving without paying.

They said stolen items were valued at $5,266, and the incident was captured on surveillance video.

Investigators said the same trio returned to the Alo store on Jan. 20, where Jones and Desronvil again selected merchandise and exited the store without paying.

The report stated that merchandise stolen during that incident was valued at $2,100. Surveillance video and photo lineups were used to identify the suspects.

Jones and Desronvil are also accused of stealing merchandise from the Dick’s Sporting Goods at 7239 N. Kendall Drive.

Deputies said that on Feb. 23, 2025, the two women stole $2,635 worth of clothing after running past all points of sale. A second theft at the same store occurred on Nov. 23, 2025, with merchandise valued at $4,760, authorities said.

They said Jones was identified by a Dick’s Sporting Goods loss prevention employee in the November incident.

Both women were taken into custody on Wednesday, and transported to the Turner Guilford Knight Correctional Center, according to investigators. Jones waived her Miranda rights and denied involvement in the thefts.

Jones and Desronvil appeared in court Thursday morning, where a judge set Jones’ bond at $20,000 and Desronvil’s bond at $15,000. Jones was ordered to stay away from Alo, while Desronvil was ordered to stay away from both Alo and Dick’s Sporting Goods.

Local 10 News is working to determine whether the arrests are connected to an August 2025 theft at the same Alo store in Dadeland Mall, where deputies said two women were caught on video fleeing with an estimated $16,000 worth of merchandise.

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Miami, FL

Reneau, Donaldson lead Miami over Stanford 79-70

Published

24 hours ago

January 29, 2026

Press Room

Reneau, Donaldson lead Miami over Stanford 79-70

CORAL GABLES, Fla. — – Malik Reneau scored 20 points, Tre Donaldson added 18, and Miami pulled away inside the final seven minutes to beat Stanford 79-70 on Wednesday night.

Miami used an 11-2 run to tie it at 51-all with 9:35 to play. About two minutes later, Dante Allen’s 3-pointer sparked another 11-2 surge that gave the Hurricanes a 67-58 advantage with 2:46 remaining before they sealed it from the free-throw line.

Shelton Henderson and Tru Washington added 12 points apiece for Miami (17-4, 6-2 Atlantic Coast Conference), which has won consecutive games since a two-game skid ended a 10-game win streak.

Ebuka Okorie scored 19 points and Benny Gealer added 17 to lead Stanford (14-7, 3-5). Ryan Agarwal chipped in with 11 points and AJ Rohosy scored 10.

Okorie scored 11 points and Agarwal added nine to help give Stanford a 40-35 halftime advantage. The Cardinal hit 7 of 14 from distance and shot 52% (16 of 31). Donaldson and Reneau scored 13 points apiece in the first half for the Hurricanes.

Miami made half of its 28 field goals after the break while Stanford shot 35.5% (11 of 31) from the floor.

Up next

Stanford: at Florida State on Saturday.

Miami: hosts California on Saturday.

—— Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here and here (AP News mobile app). AP college basketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketballbr/]

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Miami, FL

Darian Mensah Officially Joins Miami Hurricanes After Agreement With Duke

Published

2 days ago

January 28, 2026

Press Room

Darian Mensah Officially Joins Miami Hurricanes After Agreement With Duke

Darian Mensah has enrolled at Miami, becoming the latest standout transfer quarterback to join the Hurricanes, who are coming off a runner-up finish in their first trip to the College Football Playoff.

Mensah transferred to Miami from ACC rival Duke on Tuesday night. Duke agreed earlier Tuesday to end a legal battle with its now-former quarterback over whether he should be allowed to sign elsewhere.

Duke and Mensah announced they came to that agreement a few hours before Mensah and his top target with the Blue Devils this past season — wide receiver Cooper Barkate — toured the Miami campus in Coral Gables, Florida.

About 12 hours later, Mensah’s deal with Miami was official.

Mensah is joining his third team in as many years. He threw for 2,723 yards and 22 touchdowns for Tulane in 2024, then had 3,973 passing yards and 34 touchdowns — both best in the ACC — for Duke while leading the Blue Devils to a surprise conference title this past season.

And the Hurricanes are hoping he can keep their run of portal-quarterback success going.

Miami nailed the transfer route the last two seasons, first with Cam Ward — who played his way into becoming the No. 1 pick in last year’s NFL draft — leading the Hurricanes to a 10-win season in 2024, then this past season with Carson Beck guiding the team to its first national championship game in nearly a quarter-century.

The Hurricanes return a slew of offensive firepower from the national runner-up team, including star wide receiver Malachi Toney — the nation’s top freshman this past season — along with running backs Mark Fletcher Jr., Marty Brown and Girard Pringle, and tight end Elija Lofton.

Barkate would add even more to that already-loaded mix. He has 185 catches for 2,848 yards and 21 touchdowns in his college career, which includes three years at Harvard — he has an economics degree from there — and then this past season at Duke.

Duke plays at Miami this coming season, visiting on Nov. 14. The Blue Devils are coached by Manny Diaz, who coached Miami from 2019 through 2021. He was replaced in Coral Gables by Miami alum Mario Cristobal, who led the team to a school-record 13 wins this past season and its first instance of back-to-back 10-win seasons since a four-year run of those from 2000 through 2003.

Miami opens the 2026 season at Stanford on Sept. 4.

Reporting by The Associated Press.

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