Miami-Dade County was one of the hardest-hit areas following the housing market collapse, but pending property sales increased on both an annual and month-over-month basis in July.
During the course of last month, pending home sales surged 31 percent from a year earlier and rose 2 percent from June, according to a report from the Miami Association of Realtors.
"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 MAR chairman Martha Pomares.
Public property data indicates there were 12,210 pending sales throughout the county on both single-family properties and condominiums. This was well above the level in July 2011 when there were 11,915 reported transactions.
However, this lack of supply was somewhat troubling to the industry groups, as it could leave buyers with limited options, Pomares added.
A previous report from MAR indicated fewer international buyers, which accounted for a major share of activity in the past, purchased fewer properties during the second quarter. If this group continues to shy away from Miami real estate, this could give local buyers more options when they try to make the transition to homeownership.