IE Business Daily Business news for the Inland Empire.
Pending home sales in California dropped in August, the fifth consecutive month that the market indicator declined.
The state’s Pending Homes Sales Index dropped 4.5 percent, from 104.5 in July to 99.8 last month based on signed contracts, according to a report released Tuesday by the California Association of Realtors.
Year-over-over, pending sales were down 8.7 percent. That increase was in line with the average year-over-year decline recorded during the past six months, 8.9 percent, the report stated.
Pending home sales were down nine percent in San Bernardino County and seven percent in Riverside County year-over-year, according to the report.
A pending home sale is one in which a contract has been signed but the transaction has not closed. Realtors often track pending home sales, and the National Realtors Association and its affiliates issue monthly reports on them, because they indicate if the market is headed up or down.
Also last month, equity sales in California increased from 90 percent in July 91 percent in August. The percentage of equity – or non-distressed – single-family home sales has been rising steadily since the start of the year and has been above 90 percent for the past two months, according to the report.
