California pending home sales take a timeout January

  • The California Association of Realtors report on January's market conditions revealed a slowdown in pending homes.
  • The year-over-year slowing was statewide, whereas month-over-month figures were better.
  • The Market Pulse Survey showed that Realtors are still confident in the market.

It was probably inevitable. For the first time since August 2014, statewide pending home sales in California decreased in January on a year-over-year basis. Los Angeles county was off 5 percent. The San Francisco Bay Area was off 4.7 percent. The only year-over-year gains were seen in Monterey and San Francisco counties.