Miami pending home sales uneven
Pending home sales in two Miami counties are heading in opposite directions. Cumulative pending home sales, which include single-family homes and condominiums, in Miami-Dade County rose 11% in September to 11,296 from 10,219 a year earlier, according to the Miami Association of Realtors and the Multiple Listing Service systems. The September figure is 5% below the previous month's total of 11,915. Increased pending sales are indications of increased future sales. A sale is listed as pending when a contract is signed but the transaction has yet to closed, which normally takes one to two months. MAR chairman Jack H. Levine said rising pending sales mirror the robust closed sales activity the organization continues to experience in South Florida. “Strong demand from domestic, international and second home buyers is not diminishing, as buyers and investors take advantage of the amazing opportunities currently available in the Miami real estate market," he added. However, in Broward County, cumulative pending home sales fell .3% to 7,693 from 7,719 a year earlier, and dropped 3% from the previous month when there were 7,894 pending sales, according to the Broward Council of MAR and the MLS systems. Nationally, the Pending Home Sales Index rose 6.4% to 84.5 in September from 79.4 a year earlier, according to the National Association of Realtors. The September index is 4.6% lower than the 88.6 index reported the month before. Write to Justin T. Hilley. Follow him on Twitter @JustinHilley.