Among the news of falling national housing statistics, the belief still holds true that all real estate is local, and nothing supports that idea more than the statistics on rise of local home prices.

Home prices and sales, while certainly vulnerable to worldwide economic factors, such as mortgage rates and lending standards, rely mostly on the local economy and local supply and demand.

Miami, Florida however continues to be confusing with puzzling stories in the national mix that appear to defy employment and land supply. Miami. Florida is leading the housing bust, with single-family home sales down 28% in March statewide from a year ago. Prices statewide are down 4%, but not so in Miami.

Out of the 3,741 new condos completed last year, a majority of then were priced considerably higher then its existing inventory. Condominiums, condominiums and more condos-that& is what Miami is all about. While single-family home prices in the city are at a stand still, condo prices are up 18% over last year, despite the fact that the Miami skyline is still crawling with cranes.

Between now and the end of this year, 8,000 new units will be completed. 12,000 more will be on the market in 2008. That is when prices should start to come down, but for now, condo prices on the books contradict what is going on behind closed doors in negotiations.

TOP 5 METROS IN ANNUAL POSITIVE APPRECIATION

Seattle, WA: +10.6%

Portland, OR: +7.7%

Charlotte, NC: +7.3%

Miami, FL: +2.9%

Atlanta, GA: +2.1%

TOP 5 METROS IN ANNUAL NEGATIVE APPRECIATION

Detroit, MI: -7.8%

San Diego, CA: -5.0%

Boston, MA: -4.7%

Washington, DC: -4.3%

Cleveland, OH: -2.7%

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