A continued lack of housing inventory and slowing economy sent California pending home sales lower in June, but pending sales were still higher than the previous year for the fourteenth straight month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales data:
C.A.R.’s Pending Home Sales Index (PHSI)* fell 3.8 percent from a revised 126.1 in May to 121.4 in June, based on signed contracts. Pending sales were up 4.7 percent from the 115.9 index recorded in June 2011. June marked the fourteenth consecutive month that pending sales were higher than the previous year, although June’s year-over-year increase was the smallest since April 2011. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
To read the last of the Market Report please visit C.A.R.
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