IE Business Daily Business news for the Inland Empire.
Pending home sales in Riverside rose 11.6 percent in September compared with one year earlier, the second-largest year-over-year increase of any major U.S metropolitan market during that time, according to a report.
San Francisco (17.1 percent) recorded the highest number, while West Palm Beach, Fla. (11 percent) was third, Seattle-based Redfin reported.
Pending sales – when a seller has agreed to an offer but the sale has not been completed – dropped the most in Houston (-11.7 percent), Denver (-8.4 percent) in San Antonio (-6.3 percent).
Only 23.5 percent of homes sold nationwide in September changed hands for more than their final list price, down from 28.5 percent year-over-year, and the lowest September level in six years.
The typical home that went under contract – meaning a seller has accepted an offer but some tasks must still be performed, like an appraisal or an inspection – in September spent 50 days on the market, the slowest September pace in nine years, Redfin reported.
