CA: Light at End of the Tunnel for Real Estate?

California’s mangled real estate market saw a sliver of promise Tuesday, despite a downward national trend in home sales. The California Association of Realtors said pending home sales statewide rose in May, the first year-over-year increase in 18 months.

CAR said its Pending Home Sales Index in May was 118.3, up 1.6% from April’s revised index of 116.4 and a 12% gain over May 2010. The index is based on contracts signed in May. CAR considers pending home sales an indicator of future sales activity.

“May marked the first year-over-year increase in pending sales since November 2009 and the largest annual increase since August 2009,” said Beth L. Peerce, CAR president. “And as a result, annual sales for all of 2011 should match or exceed last year’s annual pace.”

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