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.”

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.

SUNNY ISLES BEACH, Fla. – Witnesses reported a local political candidate slapped one teenager and choked another in public at a restaurant Sunday in Miami-Dade County.

George Bardmesser, a Russian-American attorney who is campaigning for Sunny Isles Beach commissioner, was arrested after the alleged attack at his neighborhood Cuban restaurant.

Sunny Isles Beach police officers responded to El Tropico Cuban Cuisine, at 17020 Collins Ave., and handcuffed Bardness, 59, who wore a shirt promoting his campaign.

“There was a couple of kids sitting and I don’t know whether they were instigating, said something, generated this gentleman to get up. He put a chokehold on one of the kids and slapped another one,” said Pedro Vera, the owner of the restaurant. “He got out of hand. He lost control. It should have never happened.”

Bardmesser sent an invitation Saturday to a Republican coffee meet-up with Greg Capra, another local candidate, at 2 p.m., on Sunday, at the restaurant.

“We welcome all residents, coffee and light snacks will be provided for guests,” he wrote. “I look forward to seeing you there and discussing our ideas and vision for the future.”

Fabiola Stuyvesant, a Venezuelan-American Sunny Isles Beach commissioner, was attending the meet-up with the teenagers Bardmesser allegedly assaulted.

“I would never bring my kids to a political event if I thought I was putting them in harm,” Stuyvesant said. “As a parent, it’s the worst nightmare you could have — to see your child be hurt by a big guy.”

Miami-Dade County inmate records show correctional officers booked Bardmesser, who is about 6-foot, 2-inches tall and weighs about 230 pounds, at about 4:35 p.m., Sunday, at the Turner Guilford Knight Correctional Center near Doral.

Records show Bardmesser was facing two counts of child abuse with no great bodily harm. Records show a Miami-Dade judge had yet to set his bond on Sunday night.

Records also show Bardmesser, who specializes in intellectual property law, has been a New York State Bar member since 1998. He was also a member of the District of Columbia Bar. He is also the author of fictional books in English and Russian.

Sunny Isles Beach, where Bardmesser lives in a beachfront luxury condo, is known as “Little Moscow” because of its growing Russian American population.

Local 10 News Assignment Desk Editor Mercedes Cevallo contributed to this report.

Part 1 of a Dolphins mailbag on this first weekend of August:

From Richard grosso (@rjgro):

One media guy says Chop is impressing early; another says the opposite; what says my most trusted observer?

Thanks, Richard. Your most trusted observer absolutely loves what he’s seen from him with the understanding that he’s a rookie and I’m not necessarily putting him in the Pro Bowl just yet. But the burst off the line of scrimmage really jumps out, he had a perfect rep in edge setting Saturday and in every conversation he strikes you with his maturity level. So far so good is what I’d say.

From Break (@DolphinsBreak):

Super easy generic one. Why will the Dolphins finally win a playoff game in 20-something years, and also why won’t they?

The Dolphins finally will win a playoff game because they won’t falter down the stretch, won’t get beaten up by injuries this season and end up winning the AFC East title and secure a home playoff game. They won’t win a playoff game again because the same issues will crop up, namely the inability to come up with a counterpunch when opposite defenses find ways to slow down their passing game down the stretch.

From Dave (2DaGreco49):

How many tight ends are Miami keeping?

Hey Dave, it’s clearly going to be three or four, but since you asked I have to go you an answer and I’ll go with three, and those three will be Durham Smythe, Jonnu Smith and Julian Hill. If there’s a fourth, it’ll come down to Tanner Conner and Jody Fortson Jr.

From Dave (@angryvet59):

This may not be a fair one because it calls for you looking into The Poupart Crystal Ball, but Tua has his deal & knows the expectations. Do you think he may try to extend plays unnecessarily, forcing throws with more INTs? Keep up the good info on the Podcast Alain!

Thanks Dave, no, I don’t have that concern as it relates to him having his extension. I do think he may look to extend plays a bit more because he’s clearly going to be more mobile than he was last season and this is where the coaches have to stay on him to remain smart, both in terms of not forcing passes and also in terms of not exposing himself to open-field hits unnecessarily.

From Jayco (@ljc7975):

Welcome back Alain. Were you surprised that Wynn and Beckham started camp on the shelf? I am hoping this is not an ominous sign.

Thanks Jayco, glad to be back. I was not surprised at all with Wynn because there never was any indication he was close even during the spring. As for Beckham, that clearly was more surprising because the implication was that his absence from the offseason program was about being really cautious.

From Bo Stout (@Stout001):

With the emergence of Duck & Bonner, do you think the Dolphins secondary will allow a single TD pass this year?

Hey Bo, good one. Even your joke aside, I’d caution against putting Duck and Bonner in the Hall of Fame just yet. And, truth be told, the two rookie free agent cornerbacks who really have caught my eye are Jason Maitre and Isaiah Johnson.

From Dante Xavier (@DanteLima115):

Compared to last year’s 53, what position group could you see carrying more/fewer players?

The obvious spot where I think you’ll see fewer players is the secondary because the Dolphins had a whopping 12 there at times last year. I also don’t see the Dolphins carrying three quarterbacks this year because of the new rule. As for spots where we could see more, I’d certainly point to the defensive line, where the Dolphins had never more than five last season.

From Jake McVay (@JakeMc945):

Hi Alain, I really appreciate how you do these for the fans. Thank you! How do you feel about the linebacker crew? Everyone seems to worry about the O-line and D-line, but I am worried about the linebacker position. My biggest worry. What are your thoughts?

Hey Jake, first off thanks. Now, for your question, I’m assuming you mean all linebackers, including edge rushers. I personally really like the depth the Dolphins have for off-the-ball linebackers with Long, Brooks, Walker and Riley, and I think they’ll be fine at outside linebacker with the two draft picks (Chop and Mo), along with Emmanuel Ogbah (who’s looked really good in practice) and the returning starters, assuming Jaelan Phillips and Bradley Chubb will be back sooner rather than later — and it is looking very good with Phillips being able to be ready for the start of the regular season.

From Lloyd Heilbrunn (@LloydHeilbrunn):

How much of the praise the pass rush is getting the last several practices is due to the fact that the blocking is crap?

Hey Lloyd, another factor here also is the nature of training camp practices where the hitting isn’t nearly what it is during the regular season. All factors considered, the pass rush has looked good, though context is important.

From Ofilio Arguello (@ArguelloOfilio):

What is your sense from the organization regarding losing to top defenses? Do they feel their scheme was or is right and injuries are to blame? Or, do you think McDaniel is making changes and adjustments to beat these teams?

Hey Ofilio, I think the Dolphins would blame the losses on bad execution more than anything else, even injuries, though Mike McDaniel is smart enough to realize that some tweaks are necessary to give opponents more to handle.

From Bladeaux (@Bud_Nuggets):

If you’re picking the chart, who are the starting OLBs the first month of the season and why? (We know neither Phillips nor Chubb will be back).

Let me start by saying I wouldn’t be so quick to dismiss the idea of Jaelan Phillips being in the starting lineup in Week 1. At this time, I’m thinking Emmanuel Ogbah would be in the starting lineup (a pretty remarkable turn of events, really) and the other, if not Phillips, probably would be Chop Robinson or as a long shot Quinton Bell.

From Ed Helinski (@MrEd315):

Who’s been surprising and who’s been disappointing so far in Dolphins camp?

From Chris Shields (@shieldsc_):

What’s your biggest surprise of camp thus far? (Please give example of a positive surprise and a negative) thanks and appreciate the free content. Who’s your pick to be the longest wild card to make the 53?

Hey Ed and Chris, surprising is always tough because that depends on your expectations, but what I’ll use here are lesser-name players. And one guy who really stands out here is Quinton Bell, who fans probably know only from “Hard Knocks” as the guy who played the role of Maxx Crosby on the scout team last year. He’s been really impressive. As for disappointing — and I hate to single out players that way — I’d have to go with Jody Fortson Jr. I had high expectations for him based on what I saw in the offseason practices, but he’s dropped too many passes for my liking. As for my biggest long shot to make the roster, there are two rookie free agent cornerbacks who I’ve really liked is that’s Jason Maitre and Isaiah Johnson.