According to a report released December 2nd by the National Association of Realtors, the number of pending home sales rose in October, showing a positive upward movement since bottoming in June. Based on contracts signed in October, the Pending Home Sales Index showed that sales rose 10.4 percent to 89.3 from September’s pending home sales. The index remains 20.5 percent below its 112.4 peak in October 2009. This was the highest that pending home sales has been since May 2006 when it hit 112.6.
Homebuyers are being drawn to favorable housing affordability conditions, according to NAR chief economist, Lawrence Yun. "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels," he said. "The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011." Yun also foresees that pending home sales will continue to climb from their low this past summer.
There was a 0.4 percent increased for residential Miami real estate in October compared to pending home sales in September, according to the Miami Association of Realtors. Pending sales for Miami condos was up 0.7 percent to 5,878 for the month which was 34 percent higher than in October 2009. For houses in Miami, pending sales increase 0.1 percent to 4,386, up 12 percent compared to last year. In Broward County, October pending sales for homes and condos in Miami totaled 7,653, up 5.3 percent compared to last year, but down 0.9 percent month-over-month.
Data for pending home sales includes the total number of homes that currently have contracts, but have not yet closed sales.
Contact MLR Realty at 305-673-3303 and speak with a Miami real estate agent regarding houses and condos for sale and for lease in Miami.
Contributed by MLR Realty
