Miami, And the Good News Is Home Prices are Stabilizing

Real Estate Agent with ReMax Advance Realty

Home prices are closer to stabilizing today than at any time in the past nine years.

Based on the latest data, median selling prices for new and existing homes combined now equal 2.9 times median household incomes, nationwide. This is exactly the ratio that prevailed during the halcyon days of the 1980s, when sales and construction of housing were booming.

Three years ago, just before the housing bubble burst, this ratio was 4.5 times incomes.

Add in the fact that interest rates are much lower today than they were two decades ago and housing is even more affordable.


Lynn Cromer is a real estate sales and marketing professional for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, she can be reached at 305-962-4068, by email at or online at

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Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. We have over 25 years of real estate experience!
For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn or Robin can be reached at 305-962-4068 for Lynn, at 305-546-0447 for Robin, or email us and visit us online at

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Lynn Cromer & Robin Parker
Coldwell Banker Pinecrest Office
305-962-4068 Lynn Cromer
305-546-0447 Robin Parker

We would be honored to help a friend, family member or colleague in their real estate needs.


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Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Your description of your market is mirroring what I'm noting in my secondary home/non-local marketplace.  

Mar 12, 2009 03:58 AM #1

I'm also noticing buyers coming out of hiding and anxious to buy! You?

Mar 12, 2009 04:15 AM #2
Not a real person
San Diego, CA

We're still at median home price ($280,000) being four times the median income ($70,000), but that's actually extremely good for us. It means that almost 50% of San Diego households can now afford to buy a home, up from a mere 7% just three years ago. We've had seven consecutive months of increasing home sales and decreasing prices. February should be the eighth; they are late releasing the stats for February.

Mar 16, 2009 08:28 PM #3
Lynn Cromer
ReMax Advance Realty - Miami, FL

Actually, locally in Miami, Florida, our statistics are closer to yours. My blog was a national stat, but still, our median price in miami is dropping further. But like yours, it's better! Thanks.

Mar 17, 2009 12:20 AM #4
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