July pending home sales in Miami-Dade County rose 31% over the year-ago period and climbed 2% from June as housing demand remained robust, according to new data from the Miami Association of Realtors and the local multiple listing service.
Pending sales for July rose to 3,393 from 2,593 in the year-ago period. A sale is listed as pending when a contract is signed but the transaction has not closed.
“Despite very low levels of housing inventory in Miami, pending sales activity continues to increase, a sign that demand will continue to yield strong price appreciation,” said Martha Pomares, 2012 chairman of the board of MAR.
“We are at point where we’re seeing a shortage of housing inventory in Miami. We need more supply to satisfy demand.”
Total cumulative pending home sales, or all sales that are pending at the end of the month (12,210), were 3% above what they were a year ago, but 0.5% below June figures.
Cumulative pending sales of single-family homes at months' end was 9.4% above year-ago figures (5,407), and 0.5% below the previous month.