IE Business Daily Business news for the Inland Empire.
Pending home sales in California fell for the fifth consecutive month in May, according to data recently released.
The state’s pending home sales index was 118.1 last month, down from 123 in May 2016, the California Association of Realtors reported.
That decline happened even though closed escrow sales were strong in May, a sign that the state’s housing market might be on the verge of underperforming for a few months.
Compared with April, pending home sales were up 3.9 percent statewide.
A pending sale is one in which an agreement has been reached to sell a property but the sale is not yet official. Pending sales are considered a reliable indication of the housing market’s immediate future.
In the Inland Empire, pending home sales were up 8.4 percent in Riverside County but dropped 4.2 percent in San Bernardino County year-over-year, the Los Angeles-based association reported.
