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Saturday, Dec 9, 2023

Pending Home Sales in November Decline

Pending home sales in California declined last month, but are still higher than the same period last year as the state’s hard-hit housing market continues a long march toward recovery. According to the California Association of Realtors, pending single-family home sales dropped 9.1 percent from October to November, although sales were up 11 percent compared to the same period last year. Pending sales usually become closed deals in one to two months, the association 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,” C.A.R. President LeFrancis Arnold said in a statement. The realtor group also said Wednesday that the number of distressed single-family home sales, including short sales and real estate owned properties, fell statewide. In November, distressed properties made up 44.9 percent of single-family home sales, down from 46.1 percent in October and 45.6 percent in November 2010.

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