IE Business Daily Business news for the Inland Empire.
Pending home sales were up in California in June, the seventh consecutive month of growth in that category.
Overall, pending sales were up 12.5 percent last month compared with June 2014, according to data released Thursday by the Los Angeles-based California Association of Realtors.
Month-over-month, pending sales were down 2.6 percent statewide. That’s slightly less than the average May to June drop of 1.9 percent recorded during the last seven years.
In Southern California, pending sales were up four percent last month compared with June 2014, the association found.
A pending sale is one in which a contract of sale has been signed but the transaction has not closed. The housing industry watches pending sales closely because they’re usually a good indication of the housing market’s immediate future.
The share of non-distressed property sales statewide dropped slightly in June, to 92.4 percent. That was near the levels recorded in late 2007, before the recession took effect, according to the association.
