California Home Sales:Pending Contracts At 2 Year High Nationwide
This Tuesday, Aug. 21, 2012, photo, shows an exterior view of house with a pending home sale sign in Palo Alto, Calif. Americans signed the most contracts to buy homes in July than at any other point in the last two years, further evidence of a housing recovery. (AP Photo/Paul Sakuma)
NAR Says More Contracts Signed Nationwide - Verifies Improvement In All Areas EXCLUDING California Home Sales & Other Western Areas
The National Associaition of Realtors has good news regarding home sales nationwide, but stops short at extending this to California home sales and the West. According to NAR's nationwide figures, more people signed contracts to purchase a residential home in July than in June. In fact, more folks put homes into escrow in July than any time since April of 2010.
However, the NAR good news does not apply to California home sales. In fact, it excludes "the West" entirely. So we have good news for the real estate market in general, but California home sales are excluded.
Read about it in this report by Marcy Gordon of the Asheville Citizen-Times
California Home Sales Held Back By Lack Of Inventory
Why are California home sales ... and other areas of the West ... lagging behind at present? NAR says it's because of a lack of inventory. Believe it or not, the number of homes available for purchase in the area is down considerably. This means buyers are not finding the homes they seek at the prices they want. Thus ... less contracts signed. California home sales are occurring, but the rate is static and the market is not speeding up in any measurable way right now.
California Home Sales.
