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News & Press: Industry News

Pending Home Sales Trend Down – West Remains Challenged

Tuesday, January 15, 2019  
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Pending home sales nationwide slipped in November, according to the National Association of Realtors. Year-over-year, the West saw the largest decline of 12.2%. The NAR Pending Home Sales Index is a forward-looking indicator based on contract signings. The November decrease is the eleventh straight month of year-over-year decreases.

Lawrence Yun, NAR chief economist, said “The West crawled back lightly, but is still experiencing the biggest annual decline among the regions because of unaffordable conditions.” Yun suggests that affordability challenges in the West are part of the blame for the sales decline. Home prices in the West region have risen too much, too fast, according to Yun. “Land cost is expensive, and zoning regulations are too stringent. Therefore, local officials should consider ways to boost local supply; if not, they risk seeing population migrating to neighboring states and away from the West Coast.”

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851