IE Business Daily Business news for the Inland Empire.
California’s pending home sales dropped for the third consecutive month in September.
Compared with September 2016, pending sales of houses and condominiums were down six percent last month, according to data released by the California Association of Realtors.
Compared with August, the news was a little more encouraging, as pending sales rose 2.5 percent compared with that month.
But three consecutive year-over-year drops could be a sign that the state housing market is slowing as the fall home buying season ends.
Statewide, pending sales have been down year-over-year in eight of the previous nine months, the association reported.
A pending sale is one in which a deal has been reached but not all legal work associated with the transaction has been completed. Pending sales are watched closely by the real estate industry because they’re considered a sign of the housing market’s short-term future.
In the Inland Empire, pending sales were down 13.4 percent in Riverside County and 11.6 percent in San Bernardino County compared with one year earlier, the Los Angeles-based traded association reported.
All data in the report was adjusted for seasonal factors.
