Pending home sales in California continue to increase
Nov 22 2011 5:21PM
The California Association of Realtors reports that pending home sales in California for the month of October increased for the sixth consecutive month. Distressed home sales also increased in October and CAR says that the increase in pending home sales indicates an increase in future home sales activity.
"October's increase in pending sales is encouraging, especially the six straight months of year-over-year increases," said CAR president LeFrancis Arnold. "Despite all the challenges the housing market has faced this year, California home sales continue to perform modestly well and should be on pace to match or better last year's level."
Pending home sales climbed 3.1 percent in October, according to CAR's Pending Home Sales Index. The index was 122.0 in October, based on contracts signed in that month, up from the index in September of 118.2 and 10.7 percent from October last year.
The number of distressed properties sold statewide went up to 46.1 percent in October, an increase from 44.5 percent in September and 44.8 percent in October 2010. Of the distressed properties sold in October this year, 20.7 percent were short sales. This is also up from the previous month's share of 20.1 percent and an increase from last year's 19.7 percent.
