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.

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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.