IE Business Daily Business news for the Inland Empire.
Pending home sales in California were up 12.1 percent last month compared with May 2014, the sixth consecutive month year-over-year gains in that category.
Month-over-month was another story.
Pending sales were down 4.6 percent from April, compared with the average 3.6 percent drop that has happened between April and May during the past seven years, according to data released Monday by the California Association of Realtors.
A pending home sale means a contract of sale has been signed but the transaction is not yet final. Real estate officials watch pending home sales data carefully because it’s considered an indicator of future market performance.
