With the California housing market continuing its upward trend, pending home sales registered their sixth straight annual gain, with the last four months being in the double-digits. California pending home sales were up 12.1 percent on an annual basis from the revised 110.3 index recorded in May 2014, marking the sixth straight month of year-to-year gains and the fourth straight month of double-digit advances.
C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.