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Homes Sales Up in October, Prices Continue to Rise
|A recent report from the National Association of Realtors shows pending home sales increased just 0.3 percent on a national average, however, they grew significantly in South Florida.
Wednesday, November 28th, 2012
A recent report from the National Association of Realtors shows pending home sales increased just 0.3 percent on a national average, however, they grew significantly in South Florida.
As a total region, NAR's Pending Home Sales Index in the South grew 1 percent to 111.5 in September, remaining 17.6 percent higher than the same time a year ago. Data from the Miami Association of Realtors shows the number of pending home sales jumped 40 percent in September, reaching 3,534 from 2,524 posted in September last year. Sales were also 14.5 percent higher than in the previous month.
"Since pending sales are an indicator of future closed sales, this activity points to continued demand," noted Martha Pomares, chairman of MAR. "This is an excellent time for sellers who have been waiting to put their homes on the market to do so, as limited supply and significant demand continue to drive price appreciation."
Many current homeowners may have been hesitant to list their homes for sale after the housing market slump, but high affordability has prompted a lot of activity in South Florida. While some prospective buyers may be waiting for home prices to drop and mirror the unexpected fall of mortgage rates, economists predict both will be up by 2013.
According to the report, single-family and condominium listings grew 58.5 and 27.5 percent when compared to the prior year.
NAR president added that the market in Miami-Dade county has benefited greatly from international buyers and investors, while a recent jump in population has also created a strong demand for local housing.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.