Miami's Monthly Pending Home Sales Dip 5% in September

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According to the Miami Association of Realtors, September cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County were 11 percent above what they were a year earlier, up from 10,219 to 11,296, but five percent below the previous month, down from 121,915.

September Contract Activity

The total number of listings, including single-family homes and condominiums, that pended during the month of September increased 26 percent, from 2,868 in September 2010 to 3,609 last month.  Compared to the previous month, pended sales increased eight percent.   Single-family home and condominium sales that pended during the month increased 33 percent and 21 percent respectively.

"Rising pending sales, as expected, are mirroring the robust closed sales activity we continue to experience in South Florida," said Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors.  "Strong demand from domestic, international, and second home buyers is not diminishing, as buyers and investors take advantage of the amazing opportunities currently available in the Miami real estate market."

Cumulative Pending Sales Rise

Pending sales of condominiums were 11 percent higher than they were a year earlier, up from 5,838, and five percent below what they were the previous month, down from 6,974.  Pending sales of single-family homes were seven percent above what they were a year earlier, up from 4,381 to 4,9676, and five percent below the previous month, when pending single-family homes sales totaled 4,941.

"These future sales are fueling market strengthening and home price appreciation in Miami," said 2011 Miami Association of Realtors Residential President Ralph E. De Martino.  "Economic growth, job creation, and improving consumer confidence should further strengthen local market performance."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 4.6 percent to 84.5 in September from 88.6 in August, according to the National Association of Realtors. The index is 6.4 percent higher than the 79.4 index reported in September 2010.

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.

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