According to the Miami Association of Realtors and South Florida MLS, pending home sales combined with pending condominium sales have jumped 33.7% in August in a yearly comparison.

Economists believe the rise is due to the the rock bottom home prices in the Miami-Dade Florida area, reflecting a 50% loss in value on a majority of the properties as well as the amount of international real estate buyers. Condominiums are still ahead of the single home sales, as most of the international buyers tend to pay in cash.

Home prices combined with the incredible low mortgage rates are providing an opportunity for purchasing investment property, turning many renters into homeowners.