Despite all the hoo-ha about falling prices inventory and prices on homes in Miami have actually risen in recent months. According to MDA DATAQUICK a total of 7,942 new and resale houses and condos sold in July, up 2.8% from June and up 24.4% from July 2008. While the results mark the fifth straight month of year-over-year increases, it’s the second-lowest number of sales in the region for the month of July - last year’s marked the worst July total - since 1997, when MDA DataQuick began compiling data on the Miami area.

I think Miami home prices and home prices throughout the state of Florida will begin to rise slowly in the coming quarters as inventory becomes completely depleted. Yesterday Senator Reid from Nevada introduced a bill to extend the $8,000 first time home buyer tax credit. Prices will not stay depressed for long!