Two markets. Two very different realities. I spoke with Max Klaver at @MiamiHerald about this week's inflation numbers and what they could mean for Miami's real estate market. The key distinction: Interest rates do not affect all segments of Miami's housing market equally. At the higher end, cash dominates. In fact, 74% of Miami-Dade condo sales above $1M are all cash. For buyers dependent on financing, however, elevated rates create friction. They reduce purchasing power, discourage existing homeowners from selling, and increase the cost of delivering new housing. And there are structural forces at work that go well beyond interest rates. Miami-Dade's inventory of single-family homes priced below $500K has declined 82% from pre-pandemic levels, with a further 30% year-over-year decline as of June 2026. An entire price point has effectively disappeared. Meanwhile, the cost of new construction makes replacing that inventory at accessible price points increasingly difficult. The takeaway: Miami is not one housing market. And monetary policy does not affect every segment equally. – at Miami, FL