IE Business Daily Business news for the Inland Empire.
Pending home sales were up again last month in California, another sign that the state’s housing market is continuing to gain strength.
Statewide, pending sales were up 13.6 percent year-over-year in April, the fifth straight month of year-over year gains and third consecutive month of double-digit gains in that category, according to the California Association of Realtors.
Pending sales were down 0.6 percent compared with March, below the average 1.7 percent drop between those two months, according to the Los Angeles-based trade association.
In Southern California, pending home sales were up 13.5 percent last month compared with April 2014.
A pending home sale is defined as a transaction in which a contract has been signed but the sale as not yet closed. Investors and others associated with the housing industry watch pending sales closely because they’re considered an indication of where the housing market is headed.
