IE Business Daily Business news for the Inland Empire.
Pending home sale dropped in California for the sixth consecutive month, a possible sign that the state’s housing market might be slowing down, according to data released Monday.
The pending home sales index was 117.9 last month, down from 119 in June 2016, a drop of nearly one percent, the California Association of Realtors reported.
Although the pace of the decline has slowed somewhat, pending sales have dropped every month of this year.
In the Inland Empire, San Bernardino saw an increase of 10.3 percent while Riverside County dropped 6.9 percent.
A pending home sale means the seller has received an offer but the transaction hasn’t closed.
