California Home Sales

California pending home  sales

The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) reported today that pending home sales in California fell in November but were up from the previous year for the seventh consecutive month.

Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

California pending home sales fell 9.1 percent in November but were up from a year ago, according to C.A.R.’s Pending Home Sales Index. The index was 109.8 in November, based on contracts signed in that month, down from October’s index of a revised 120.9. However, the index was up 11 percent from November 2010, marking the seventh consecutive month that pending sales rose from the previous year.

C.A.R. President LeFrancis Arnold said: “The strong year-over-year growth in pending sales observed in the last several months suggests we should see an increase in December’s closed sales over the same month last year.”