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Pending Home Sales Increase In S. Florida In Nov.

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Dec 1, 2009 1:01 pm US/Eastern

Pending Home Sales Increase In S. Florida In Nov.

MIAMI (CBS4) ―

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A new report from the National Association of Realtors revealed that a seasonally adjusted index of new sales agreements for homes rose 3.7 percent in the last month. It's the highest reading since March 2006 and over 32 percent above a year ago, which is the largest annual increase ever for the index. Economists had expected the index to fall.

In South Florida, pending home sales decreased by less than one-fifth of one percent according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service. This was a change from the last eight months where pending home sales have increased in Miami-Dade County by 45.9 percent.

Pending sales of condominiums increased almost 1 percent in November while pending sales of single family homes dropped 1.1 percent in November. In the last eight months, pending sales of condos in Miami-Dade increased 61.2 percent and pending sales of single-family homes rose 31.7 percent.

The news was nearly the same in Broward County where pending home sales remained stagnant in November. Pending condominium sales in Broward rose a little more than one-half of one percent. Pending sales of single-family homes rose 34.2 percent while pending sales of condominiums jumped 68.7 percent.

Realtors say the first-time home buyer tax credit and a glut of homes to choose from on the market are helping to spur sales.