Miami pending sales rise 31 percent

The total number of single-family and condominium listings that pended in July rose 31 percent compared to the same period in 2011, according to a new report from the Miami Association of Realtors. There were at total of 3,393 listings that pended last month, up from 2,593 in July 2011. The total represented a 2 percent increase compared to June. “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 the Miami Association of Realtors. “We are at a point where we’re seeing a shortage of housing inventory in Miami. We need more supply to satisfy demand.” — Alexander Britell