Pending home sales up dramatically

South Florida homebuyers signed contracts at a fast clip in May, catapulting the number of pending home sales up 54 percent in Miami-Dade County and 51 percent in Broward County, compared to the same month last year. The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.Total pending home sales in Miami-Dade -- including single-family residences and condominiums -- increased to 10,456 in May, up 0.62 percent from April, according to figures released Wednesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service. April figures included a last-minute surge by homebuyers taking advantage of a federal tax credit that expired April 30. [Palm Beach Post]