Ventura County pending home sales rose by double-digits in May compared to the same month a year ago, according to a monthly index from the California Association of Realtors. The Ventura County index jumped 11.2 percent from May 2011, to 128.8.
The index for Ventura County , which tracks purchase contracts signed but not yet closed, is considered a forward-looking indicator of future home sales activity most sales occurring in the next two months.
May was the fourth straight month for Ventura County to see a double-digit, year-over-year index increase.
“Despite a slowdown in economic growth in recent months, sales in California remain strong as record low mortgage rates and favorable home prices continue to fuel demand in the housing market,” said LeFrancis Arnold, CAR’s president, in a statement.
“The strong results in pending sales — double-digit year-over-year gains in the last nine out of 10 months — suggest solid housing market performance for the state in the upcoming months.”
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