March 23, 2016
Despite generally improving demand conditions, pending sales continue decline
LOS ANGELES (March 23) – Low inventories and eroding affordability coupled with financial market volatility contributed to a second consecutive month of year-over-year declines for pending home sales statewide, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Pending home sales data:
Year-to-Year Change in Pending Sales by County/Region
|County/Region/State||Feb. 2016||Feb. 2015||Year % Change|
|SF Bay Area||145.2||168.1||-13.6%|
February REALTOR® Market Pulse Survey**:
In a separate report, California REALTORS® responding to C.A.R.’s February Market Pulse Survey saw an increase in floor calls, listing appointments/client presentations and open house traffic, and auctions indicating improved market conditions leading into the traditional spring/summer home buying season.
*Note: 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.
**C.A.R.’s Market Pulse Survey is a monthly online survey of more than 300 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month and the last year.
Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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