In April, the number of South Florida and pending Miami home sales rose. The increase in pending Miami home sales is due to international buyers, lower prices and federal incentives to sign contracts by the month's end.
Total pending Miami home sales including condominiums rose by 6.6 % in April totaling 10,392; that’s 641 more homes sold over last nmonth and a 71% jump from last year. Pending home sales in Broward, increased by 352 homes sold in April which and up 4.3%. Pending sales were up 64% from last year. These calculations were from a report done by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service last Tuesday.
Pending Miami home sales are not actually closings but signed contracts. This April home buyers had until the end of the month to take advantage of federal tax credits. The tax credit will give first time home buyers up to $8,000, and home owners buying a new residence are eligible for as much as $6,500.
Pending home sales also increased nationally, in March however the national numbers will not be tallied for another month.
On Tuesday, the National Association of Realtors released the index of sales contracts, which rose 5.3% from February to March and 21% from a year ago. However, Lawrence Yun the association's chief economist foresees a drop in Miami real estate and national sales in the near future.
Contributed by MLR Realty
