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Price Appreciation Looms as Pending-Home Sales Rise in Miami

Following the recent month's change in the national Pending Home Sales Index from the ""National Association of Realtors (NAR),"":http://www.realtor.org/ pending home sales in Miami-Dade County decreased month-over-month in June but increased year-over-year.

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However, while the national index moved down 1.4 percent from May to June, Miami's pending home sales declined 13 percent, according to the ""Miami Association of Realtors"":http://www.miamire.com/ and Miami's Multiple Listing Services system.

Miami's change in pending sales year-over-year was also more exaggerated than the change reported in the national index. NAR's national index rose 9.5 percent year-over-year in June, while Miami's June pending sales are up 22 percent from last year.

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The total number of pending home sales in Miami in June ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including both single-family homes and condominiums ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô is 3,334.

Pending home sales are a forward-looking indicator that reflects contract signings but not closings.

Total cumulative pending home sales ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô all pending sales on record at the end of the month, including those pending from previous months ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô are up 2.1 percent from last year and 0.8 percent from May.

""Despite low levels of housing inventory in Miami, pending sales activity continues to point to strong future sales,"" said Martha Pomares, current chairman of the board of the Miami Association of Realtors.

Pomares predicts continued price appreciation in Miami-Dade County due to ""[d]windling supply coupled with rising contract activity.""

""The Miami real estate market is a focal point for buyers and investors who are drawn to the favorable market conditions, the attractive investment opportunities, and the exciting local lifestyle,"" said Patricia Delinois, president of the Miami Association of Realtors.

Single-family home pending sales are improving more than condominium sales. Pending sales for single-family homes in June were 7 percent higher than they were this time last year, while pending sales for condominiums are 1.2 percent higher than last year.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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