California Home Sales:
Another ... More Rosey ... Report On Increase In Pending Sales
NAR Says More Contracts Signed Nationwide - This Report Doesn't Mention Lagging California Home Sales
California home sales are not mentioned in this report from the LA Times. It reports only on the figures nationwide, which we have already reported here in a different post. The fact is that California home sales are fairly static as far as the numbers of homes being sold. We find it interesting that the LA Times doesn't mention this. Rose colored glasses anyone?
However, most other areas of the country are reporting relatively good growth in numbers of homes being put under contract, and that is the gist of this report. NAR reports that nationwide, buyers signed contracts to purchase 2.3 more homes than they did in July and that escrows opened numbered more than any month since April of 2010.
Read about it in this report from the LA Times:
"Sales of previously occupied homes rose to a seasonally adjusted annual rate of 4.47 million in July, a 2.3 percent increase from the previous month's rate, the National Association of Realtors said Wednesday. The industry's recovery has grown more consistent" ...Los Angeles Times
What's The Reason for California Home Sales Lagging Behind?
If you look into this in other reports you'll find the information that the growth in the numbers of homes sold does not apply to the Western US region. NAR attributes this to lack of inventory and that California home sales are being held back by Buyers being unable to find the home they want at the price they're willing to pay. In cases like this we're likely to see an adjustment over the next few months that will align the Western regions with the rest of the national market.
California Home Sales.