Miami pending home sales up 22 percent

Pending sales of condominiums and single-family homes in Miami rose 22 percent in June compared to the same period in 2011, according to data from the Miami Association of Realtors. There were a total of 3,344 pending sales in June, although that represented a 13 percent decline from May 2012. “Despite low levels of housing inventory in Miami, pending sales activity continue to point to strong future sales,” said Martha Pomares, 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.” A sale is listed as pending when a contract is signed, but the transaction has not yet closed.