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Pending Home Sales Index Rises

Low inventory leaves its mark on the market. What do you make of this information?

Pending home sales in California rose from July to August, but a continuing shortage of inventory kept the number lower than in August of 2011, the Los Angeles-based California Association of Realtors said Monday.

C.A.R.'s Pending Home Sales Index rose 2.7 percent from a revised 115.8 in July to 118.9 in August, based on signed contracts, the organization said a statement.

But pending sales were down 2 percent from the 121.4 index recorded in August 2011, reversing a 15-month trend of higher pending sales than the previous year.

"While August's pending sales were higher than July, the pending sales decline from last year is not a surprise, as we started to see a gradual slowdown in the year-to-year change over the past five months, primarily due to a dearth of available homes," said C.A.R. President LeFrancis Arnold.

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