IE Business Daily Business news for the Inland Empire.
Pending home sales in California fell in August but were strong enough to register year-over-year gains for the 10th consecutive month.
Month-over-month, the Pending Home Sales Index fell 8.7 percent from July, according to data released Tuesday by the California Association of Realtors.
During the last seven years, the index has gone up an average of 0.3 percent between July and August, according to the Los Angeles-based association.
Year-over-year was another matter: the index was up 12.8 percent compared with August 2014, the association reported.
A pending sale is one in which both parties have signed a contract of sale but the agreement has not formally closed, meaning another party can still bid on the property.
Housing industry officials watch the pending sales market carefully because it’s considered an accurate gauge of the market’s immediate future.
