South Florida pending home sales up dramatically from last year

Providing further evidence of a strengthening market, South Florida home buyers signed contracts at a fast clip in May, catapulting the number of pending home sales up 54 percent in Miami-Dade and 51 percent in Broward, compared to the same month last year.

The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.

Total pending home sales -- including single-family and condominiums -- in Miami-Dade increased to 10,456 in May, up 0.62 percent from April, according to figures released Wednesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service. April figures included a last-minute surge by home buyers taking advantage of a federal tax credit that expired on April 20.

``Current South Florida real estate market statistics are positive signs of a resurgent market,'' Terri Bersach, chairman of the Realtor Association of Greater Miami, said in a statement. ``Pending sales are considerably higher than they were a year ago when the market was already strengthening, and home median prices have begun to increase, while average home prices have been increasing for some time. These figures validate the demand for local residential properties and confirm the local market's recovery.''

In Broward County, pending home sales fell 3.23 percent to 3,719, in May, compared to April, due to the impact of the expiring tax credit.

Source: http://www.miamiherald.com/2010/06/02/1659819/south-florida-pending-home-sales.html

BY INA PAIVA CORDLE
icordle@MiamiHerald.com