Florida Real Estate - Home Sales in South Florida Up in May



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Home Sales in South Florida Up in May

Monday, July 9th, 2012

 
As national reports show homes sales continue to improve on a year-over-year basis, numbers in Miami-Dade County show pending home sales increased 10 percent in May from 3,508 to 3,851 from the previous year but fell 3.1 percent from April.  

As national reports show homes sales continue to improve on a year-over-year basis, numbers in Miami-Dade County show pending home sales increased 10 percent in May from 3,508 to 3,851 from the previous year but fell 3.1 percent from April.

"Despite limited supply and rising prices, Miami pending sales rose in May, which is a positive sign for the Miami real estate market," said Martha Pomares, 2012 chairman of the board of the Miami Association of REALTORS. "Increased demand for Miami properties will continue to drive price appreciation and strengthen our market."

According to the report, total cumulative pending homes sales including single-family homes and condominiums in Miami-Dade county are two percent higher than a year ago, reaching 12,177 for the year so far, but are still down on a month-by-month basis.

Data shows pending sales of single-family homes were 6 percent higher than a year ago, up from 5,027 to 5,326 but were 4.3 percent below sales in April. Additionally, pending sales of condos were just 0.8 percent below what they were a year earlier and 5 percent down from the previous month.

The president of the MAR, Patricia Delinois, reports that sales in South Florida, specifically in Miami-Dade County, have been up as a result of being a strong local economy driven by business and tourism.

"In Miami-Dade County, strong job creation, population growth, and demand from global buyers and investors will continue to fuel market strengthening long into the future," said Delinois.

Nationally, pending sales were up 5.9 percent in May from the month prior and jumped 13.3 percent from sales in May 2011, according to data from the National Association of Realtors.