Pending home sales in Miami-Dade County were up 11 percent in September to 11,296, compared with 10,219 from the same time last year, according to the Miami Association of Realtors and the Multiple Listing Service.
More people are moving in the area, which is furthering the market's recovery and increasing home-price appreciation, MAR President Ralph DeMartino said.
“Rising pending sales, as expected, are mirroring the robust closed sales activity we continue to experience in South Florida,” said MAR chairman of the board Jack Levine. “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.”
The chief economist of Florida Realtors said median home sales in the state have jumped 15 percent since January, and prices have risen 10 percent. John Tuccillo told the St. Augustine Record that the market will see a more rapid recovery in 2012.
A jump in home prices is a good economic sign, because it typically means homeowners are more likely to spend money elsewhere, further boosting the economy. According to The New York Times, Americans spend $20 to $70 less per year for every $1,000 their home value drops.