California pending home sales stumble for fifth straight month in May
LOS ANGELES (June 28) – Even with a strong performance in May closed escrow sales, California pending home sales fell for the fifth consecutive month, suggesting the state’s housing market may underperform over the next few months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Along with the decline in pending sales, REALTORS® are more cautious due to their growing concern over supply and affordability issues, C.A.R.’s May Market Pulse Survey** found. REALTORS® also saw fewer floor calls, and less open house traffic than in April.
For a Complimentary Report of the state of the housing market click learn more. Lastly we are continuing to see increases in cities of Downey, Long Beach and Whittier Real Estate.
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