Monday, February 28, 2011

California pending home sales rise in January

LOS ANGELES (Feb. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today debuted its Pending Home Sales Index and released key distressed property data.

Pending home sales index:

Pending home sales in California increased in January, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 93.6 in January, rising 13.6 percent from December’s index of 82.4, based on contracts signed in January.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“Pending sales typically rise in January from a seasonally slow November and December,” said C.A.R. President Beth L. Peerce.  “January’s pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.”

Distressed housing market data:
  • The total share of all distressed property types sold statewide in January was 54 percent, up from 50 percent in December, but down from 56 percent in January 2010.
  • Conventional sales made up the remaining share at 46 percent in January, down from 50 percent in December, but up from 44 percent in January 2010.
  • Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32 percent in January, up from 30 percent in December, but was down from 37 percent in January 2010.
  • The statewide share of short sales increased to 22 percent in January, up from 20 percent in December and up from 19 percent in January 2010.
  • The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
  • The statewide median price of conventional properties sold in January was $367,150, 38 percent higher than the short sale median price of $265,500 recorded in January, and 85 percent higher than the January REO median price of $198,000.
Share of Distressed Sales to Total Sales
Type of SaleJan-10Dec-10Jan-11
REOs (real estate-owned)37%30%32%
Short Sales19%20%22%
Total Distressed Sales56%50%54%

Distressed Sales by Select Counties
(Percent of total sales)
San Diego34%28%33%
San Luis Obispo49%46%47%
Los Angeles54%50%54%
San Bernardino76%72%74%
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