After a hot run, Miami housing prices are cooling down, real estate index shows

A closely watched real estate index released new numbers this week showing housing prices in South Florida still off their recent peaks.

In September, prices of existing homes selling in the “Miami” market — from Miami to West Palm Beach — were about 1% below where they were a year ago, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index. That’s a modest dip, but also a rare one for real estate. The Case-Shiller index last showed a year-over-year dip in September for the Miami market in 2011, according to the data released this week.

The decline is part of a national trend as real estate prices soften across the country. But Sun Belt metropolitan sellers are feeling the pinch more than most, said Nicholas Godec, an analyst with S&P Dow Jones Indices. That’s a result of cities with year-round outdoor weather — places like Miami and Tampa — no longer enjoying the work-from-home boom that sent wealthy buyers their way during the height of the pandemic.

“Markets that were pandemic darlings—particularly in Florida, Arizona, and Texas—are now experiencing outright price declines,” he said in a press release. “Meanwhile, traditionally stable metros in the Northeast and Midwest continue to post solid gains, suggesting a reversion to pre-pandemic patterns where job markets and urban fundamentals drive appreciation rather than migration trends and remote-work dynamics.”

The latest Case-Shiller numbers aren’t all bad news for sellers in South Florida. While it has shown slight month-to-month declines since March, the September index reading was slightly higher than it was August. That’s a sign that the price softening that defined 2025 may be stabilizing.

This story was originally published November 27, 2025 at 2:46 PM.