California Housing is Booming
After a slow start to the year, the California housing market has officially hit its stride.
- In February, pending home sales skyrocketed…posting the first double-digit annual gain since 2012
- Pending Home Sales index jumped 24 percentage points from January to February —signaling the greatest monthly growth in seven years —thanks to a huge increase in signed contracts
- Positive forecasts for the job market support the prediction that housing will continue its boom and that new home sales will skyrocket throughout 2015
- Southern California pending home sales had its biggest year-to-year change in more than three years with a 15.2% increase
Overall, the new and pending home sales surging combined with a three-year high in February confirm that the shaky start housing saw in January was just a glitch in the overall market and that spring sales will continue to grow.