Pending home sales decline in Calif.

http://www.centralvalleybusinesstimes.com/stories/001/?ID=30223


Pending sales in the Central Valley region rose 20.2 percent from January to reach 87.5 on CAR’s “Pending Home Sales Index,” and increased 6.7 percent from February 2015's index of 82. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later.

Statewide pending home sales fell in February on an annual basis, with the Pending Home Sales Index decreasing 0.4 percent from 121.4 in February 2015 to 120.9 in February 2016, based on signed contracts.

On a monthly basis, California pending home sales increased 26.4 percent from January, well above the long-run average increase of 15.9 percent typically registered from January to February based on data collected between 2009 and 2015, the Realtors say.

Even after adjusting for typical seasonal factors, pending sales still rose 6.3 percent over January despite remaining below February 2015 levels, according to their report.