• Real estate agents in the Miami area say that home sales have improved to the point where they see a shortage of available product.
• Pending sales in July stood at 3,393 compared with 2,593 in July 2011.
• "We are at point where we’re seeing a shortage of housing inventory in Miami," according to Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "We need more supply to satisfy demand."

From the report:

July pending home sales in Miami-Dade County rose 31% over the year-ago period and climbed 2% from June as housing demand remained robust, according to new data from the Miami Association of Realtors and the local multiple listing service. ...