California pending home sales climbed in August from both the previous month and year, the C.A.R. reported this week. The year-to-year increase was the highest level since July 2009.
Pending home sales in California rose 7 percent from July, according to C.A.R.’s Pending Home Sales Index (PHSI). The index was 125.3 in August, up from July’s index of 117.1, based on contracts signed in August. The index was up 12.6 percent from August 2010. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
The report also includes information on distressed properties. In August, the total share of all distressed property types sold statewide inched up to 43.7 percent from July’s 42.9 percent. The share of distressed sales was lower from a year prior, when distressed sales totaled 44.5 percent of all home sales. Of the distressed properties sold statewide, 18.9 percent were short sales compared with July’s 17.5 percent share and last August’s share of 19.3 percent.
The share of REO sales was down from both July and a year ago. REOs made up 24.4 percent of sales in August, down from 25.2 percent in July and 24.7 percent in August 2010. Non-distressed sales made up the remaining share of home sales in August at 56.3 percent, down from 57.1 percent in July and 55.5 percent in August 2010.
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