On the surface, Miami’s condo market is in trouble. But beneath the surface, “the whole system is jammed up.”

Price gains down to trickle in Chicago. Red-hot Dallas slows. Charlotte & Minneapolis surge. Crushed Detroit and Cleveland hit new highs.

Seattle house prices fall year-over-year. New York condos flat 24 months. San Francisco Bay Area flat 12 months despite startup millionaires. Los Angeles barely up from year ago. Boston ticks up…

Chicago condo prices stall. Dallas boom slows. Minneapolis, Charlotte, Atlanta zoom higher. Detroit prices up 100% from 2012! Cleveland struggles.

Last time was during the Financial Crisis. Now it’s happening in a kinder and gentler way, but there is no crisis.