National Report Finds Pending Home Sales Reach Highest Level Since 2006
By Laura Coleman
Yesterday’s announcement by the National Association of Realtors that pending home sales rose in May to the highest level since late 2006 is little surprise to Beverly Hills realtors who have been experiencing first-hand the rising tide for the first half of 2013.
That trend toward rising home sales isn’t likely to crest anytime soon, according to Coldwell Banker/Previews International Estate Director Jerry Jolton, who told The Courier that statistics show as of mid-year there are more $5 million-plus properties sold from Beverly Hills to Malibu than last year.
“Now, the market’s continuing to go and it’s very strong because there is a lack of inventory,” he said. “It’s turned into a sellers’ market.”
In connection with a trending uptick in interest rates, Jolton predicted that the market would equalize as more homes get listed, even as an increasing number of would-be buyers get off the fence.
Like Jolton, California Association of Realtors Senior Economist Selma Hepp told The Courier she expected to see an increase in the number of listings.
“Because of the increases in prices, the amount of inventory will start increasing,” she said.