IE Business Daily Business news for the Inland Empire.
Pending sales of single-family homes in California rose considerably month-over-month in January, according to data released Feb. 18.
Between December and the first month of this year, pending sales rose 34.6 percent, as mortgage rates dropped sharply in the second week of January before recovering near the end of the month, the California Association of Realtors reported.
Year-over-year pending sales were also up, the association reported. It did not publish exact numbers.
A pending sale means the seller has accepted an offer, and a contract has been signed, but the transaction has not closed. Pending sale are generally considered a good indication of a housing market’s immediate future.
