According to data released Tuesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service Pending home sales rose in Miami-Dade and Broward counties during January compared to December.
In Miami-Dade, pending Miami homes for sale increased 0.8% to 3,741 and condos for sale in Miami rose 3.5% to 4,647.
Pending sales of condominiums in Broward rose 9.4% to 4,137 and sales of single-family homes rose 6.2% to 3,310.
A ‘Pending’ sale is when the contract has been signed but the transaction has not yet closed. Increased pending sales are a sign of increased future Miami real estate sales.
Terri Bersach, chairman of the RAMB board said in a news release, ``Approximately six months after the South Florida real estate market touched bottom according to most economists, we continue to observe the recovery of the local market.'
On Tuesday, the National Association of Realtors said Nationwide that its seasonally adjusted index of sales agreements rose 1% from November to December to a reading of 96.6. According to Thomson Reuters, that was a little lower than the 97.1 level analysts expected.
As buyers scrambled to take advantage of an $8,000 first-time home buyer tax credit before its scheduled expiration November 30, the index has risen for nine out of the past 10 months.
Congress extended the tax credit to April 30 and added a $6,500 credit for current homeowners.
Contributed by MLR Realty
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