IE Business Daily Business news for the Inland Empire.
Pending sales of single-family homes in California rose substantially in February, making their first double-digit, year-over-year gain in nearly three years.
Statewide, pending sales – meaning a contract has been signed but the deal has not yet closed – were up 15.6 percent compared with February 2014, according to data released Tuesday by the California Association of Realtors.
That was the largest year-over-year increase since April 2009 and the first double-digit increase since April 2012, the Los Angeles-based association stated.
In Southern California, which includes Riverside and San Bernardino counties, pending sales were up 25 percent in February compared with February 2014.
Realtors and others in the housing industry watch pending sales data closely because it’s considered a good indication of the housing market’s immediate future.
Overall, the February data suggests that housing market conditions are improving and that more deals should be closed in the future, the report stated.
