Florida On Fire, But Not Miami?

Florida has got the fever as this FAR release indicates. "The Fort Myers-Cape Coral MSA reported a 48% jump in home sales last month. The median sales price rose 43 percent to $246,600."

"Scott Whitlock, president of the Cape Coral Association of Realtors says that the history of how the city was formed contributes to its strong housing market. 'Here in Cape Coral, we have a pre-plotted city of canals that covers 116 square miles. What we have is literally thousands of vacant lots. The area has been extremely affordable.'" A 43% rise is hardly affordable, but what's the rush? It sounds like they have plenty of land.

The FAR report goes on and on about all the increases. But this little snip from Origination News caught my eye. "Among the state's larger markets, resales increased ..but they fell 28% in Miami, FAR reported." What happened Miami?