Pending Home Sales Increase 13.6%
Posted by CJ de Heer on Wednesday, February 23rd, 2011 at 9:07pm.Pending home sales in California increased in January, according to California Association of Realtor's Pending Home Sales Index (PHSI). The index was 93.6 in January, rising 13.6 percent from December’s index of 82.4, based on contracts signed in January. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. “Pending sales typically rise in January from a seasonally slow November and December,” said C.A.R. President Beth L. Peerce. “January’s pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.”
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