Despite Dwindling Inventory, Miami Pending Home Sales Rise Again in June Over Last year

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(Miami, FL) -- According to the Miami Association of Realtors, the total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of June increased 22 percent, from 2,730 to 3,344, year-over-year but declined 13 percent compared to the previous month.

"Despite low levels of housing inventory in Miami, pending sales activity continue to point to strong future sales," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Dwindling supply coupled with rising contract activity will continue to drive price appreciation in Miami-Dade."

Total Cumulative Pending Sales

Total cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County currently are 2.1 percent above what they were a year ago, up from 12,014 to 12,272, and .8  percent above what they were the previous month, up from 12,177.

Pending sales of single-family homes were seven percent above what they were a year earlier, up from 5,036 to 5,380, and one percent above the previous month, when pending single-family homes sales totaled 5,326. Pending sales of condominiums were 1.2 percent lower than they were a year earlier, down from 6,978, and up one percent below what they were the previous month, up from 6,851.

"The Miami real estate market is a focal point for buyers and investors who are drawn to the favorable market conditions, the attractive investment opportunities, and the exciting local lifestyle," said 2012 Miami Association of Realtors Residential President Patricia Delinois. "Both international and U.S. investors continue to boost the Miami real estate market and economy as evidenced by strong sales levels and double-digit price appreciation."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 1.4 percent to 99.3 in June from 100.7 in May, according to the National Association of Realtors. The index is 9.5 percent higher than the 90.7 index reported in May 2011.

Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.