Recent cooling in domestic migration to Miami-Dade, combined with elevated mortgage rates above 7% and rising insurance costs, has tempered broader demand while affordability strains push middle-income buyers outward. These factors compete with tight single-family inventory—months of supply near 4.9 in August—and resilient luxury transactions that support modest price gains, with Miami-Dade single-family medians up 3.8% year-over-year to $680,000. Trader-implied odds clustered tightly between $788K–$830K reflect this balance of stabilization signals against slower overall appreciation, with key near-term catalysts including September–December closings data and any further Federal Reserve policy shifts that could influence financing costs.