California Pending Home Sales
California Home Sales August 2014
Keep in mind, that pending home sales are forward-looking indicators of future home sales activity, and as such, provide a good basis for calling the future direction of the real estate market.
Here in California, pending home sales fell for the fifth straight month in the latest report for August.Â
Actually, Southern California home sales dropped to a four-year low in August. A total of 18,796 new and resale homes and condos were sold last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. This sales number was down 7.7% when compared to July 2014, and down 18.5% when compared to August 2013 sales numbers.
One of the major real estate tracking companies here in California, started keeping statistics in 1988. Since that time, on average, Southern California home sales have actually risen 3.7% between July and August! Now, the latest Southern California home sales numbers have actually fallen on a year-over-year basis for 11 consecutive months! Last months Southern California home sales figures were actually off by 28.2% below the August average figures compiled since 1988!
Pending home sales are very good forward-looking indicators of future home sales activity, and the future direction of the housing markets.
For more real estate information, visit the National Association of Realtors
