Year-to-year pending home sales rose sharply in Miami-Dade County.
Pending home sales in Miami-Dade County rose 19 percent in July from a year ago according to data from the Miami Association of Realtors (MAR), a promising sign for future growth in housing.
“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, the chairman of the board of MAR.
Condominium sales were up 22 percent from July 2010, and single family homes rose by 15 percent. Pending listings also increased by 22 percent, from 2,759 to 3,359.
“Record affordability is incentivizing buyers to take advantage of excellent opportunities to invest in primary residences, vacation homes and rental properties,” said Ralph E. De Martino, the residential president of MAR. “Miami’s thriving rental market is a reflection of the strong demand that exists locally for housing and future rising home values.”
Pending sales data also grew in Broward, albeit not as strongly. July’s pending sales were up 4 percent over 2010 levels for condominiums and houses, but down from June’s increase of 24 percent.
Despite the decline, Realtors are confident with the positive numbers. Terri Bersach, who heads the Broward council for the Miami Realtors group, said sales remain brisk, even in the face of the financial turmoil in August.
“We haven’t seen a slowdown yet,’’ said Bersach, who is also a Coldwell Banker real estate agent in Weston. “This week in my office, we’re negotiating a $1 million deal.”