IE Business Daily Business news for the Inland Empire.
Pending home sales in California were up slightly in September, amid signs that the region’s overall housing market might be cooling off.
Statewide, pending sales – meaning a contract has been signed but the sale has not yet closed – were up 5.2 percent compared with August and 10.5 percent year-over-year, according to the California Association of Realtors.
In the Inland Empire, pending sales were up 4.6 percent in San Bernardino County last month compared with September 2015.
Data for Riverside County was not available, however Los Angeles (15.9 percent) Orange (13.3 percent) and San Diego (15.7 percent) all posted strong year-over-year pending sale increases, the association reported.
The association’s pending sales index is based on a survey of more than 70 realtors and multiple listing services. Pending home sales are watched carefully by analysts and people who work in the housing industry because they’re considered an indication of the housing market’s immediate future.
