Miami's July Pending Home Sales Up 19% Over Last Year

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(MIAMI, FL) -- According to the Miami Association of Realtors, July cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County were 19 percent above what they were a year earlier, up from 10,113 to 12,014, and .7 percent above the previous month, up from 11,936.

Contract Activity

The total number of listings, including single-family homes and condominiums, that pended during the month of July increased 22 percent, from 2,759 in July 2010 to 3,359 last month.  Single-family home and condominium sales that pended during the month increased 25 percent and 20 percent respectively.

"Despite unnecessary restrictive mortgage credit and home appraisal practices, Miami continues to exhibit signs of a healthy and balanced real estate market," said Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors.  "Foreign buyers and investors have boosted the local market unlike any other in the state and the nation. A favorable lending and home appraisal environment would dramatically strengthen our market and improve consumer confidence."

Cumulative Pending Sales on the Rise

In July, pending sales of condominiums performed better than that of single-family homes.  Pending sales of condominiums were 22 percent higher than they were a year earlier, up from 5,720, and are one percent above what they were the previous month, up from 6,909.  Pending sales of single-family homes were 15 percent above what they were a year earlier, up from 4,393 to 5,036, and .2 percent above the previous month, when pending single-family homes sales totaled 5,027.

"Record affordability is incentivizing buyers to take advantage of excellent opportunities to invest in primary residences, vacation homes and rental properties," said 2011 Miami Association of Realtors Residential President Ralph E. De Martino.  "Miami's thriving rental market is a reflection of the strong demand that exists locally for housing and future rising home values."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.3 percent to 89.7 in July from 90.9 in June, according to the National Association of Realtors. The index is 14.4 percent higher than the 78.4 index reported in July 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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