The Real Deal Miami

Miami pending home sales rise

August 30, 2011 04:30AM

Cumulative pending home sales in Miami rose in July, a 19 percent
increase above what they were in the same period in 2010, according to a
report from the Miami Association of Realtors. “Despite unnecessary
restrictive mortgage credit and home appraisal practices, Miami
continues to exhibit signs of a healthy and balanced real estate
market,” said Jack Levine, chairman of the board of the Miami
Association of Realtors. “Foreign buyers and investors have boosted the
local market unlike any other in the state and the nation. A favorable
lending and home appraisal environment would dramatically strengthen our
market and improve consumer confidence.” Total pended sales jumped 22
percent in July, with single-family homes jumping 25 percent and
condominium sales up 20 percent. — Alexander
Britell