California Realtor Association just released the pending home sale data for May. Pending home sales are good indicator for future home sale activity as these are houses having purchase contract but have not closed escrow yet. It provides information on the future direction of the market.
Pending home sales in California posted double-digit gains from the previous year for the fourth straight month. May marked the thirteenth straight month that pending sales were higher than the previous year.
C.A.R. President LeFrancis Arnold said that the strong results in pending sales – double-digit year-over-year gains in the last nine out of 10 months – suggest solid housing market performance for the state in the upcoming months.
See below for the year-to-year percent change of pending sales vs closed sales in California.
