The present housing market in Miami is down with high active listings and low sales volume. Home prices have increased 2.6% in the past month alone. With 7.6 months of supply, Miami's inventory levels remain relatively tight. Homes are now taking an average of 87 days to sell, significantly longer than the 56 days typical for this market. A significant 21.6% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 5.8% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Miami market with the affordability index at 9.2. Based on current market indicators, home prices in Miami are projected to decrease by approximately 16.4% over the next month.