California pending home sales jump in May
Distressed sales still account for 41 percent of transactions
By Inman News, Friday, June 22, 2012. Inman News® Pending home sales in the nation's most-populous state rose by double-digits in May compared to the same month a year ago, according to a monthly index from the California Association of Realtors.
CAR's Pending Home Sales Index remained unchanged from April's revised figure. But the index jumped 11.2 percent from May 2011, to 128.8.
The index, which tracks purchase contracts signed but not yet closed, is considered a forward-looking indicator of future home sales activity with the majority of pending sales closing within one to two months, CAR said. An index level of 100 is equal to the average level of contract activity in California in 2008.
May was the fourth straight month to see a double-digit, year-over-year index increase.
California's share of distressed sales fell in May, to 40.7 percent of total sales, from 49 percent in May 2011. The shares of both REOs (real estate-owned homes) and short sales declined, though short sales to a smaller extent, to 21 percent and 19.4 percent, respectively.
Share of distressed sales to total sales (single-family):
Type of sale | May-11 | Apr-12 | May-12 |
Equity sales | 51.0% | 55.8% | 59.3% |
Total distressed sales | 49.0% | 44.2% | 40.7% |
REOs | 28.4% | 23.2% | 21.0% |
Short sales | 20.3% | 20.6% | 19.4% |
Other distressed sales (not specified) | 0.3% | 0.4% | 0.3% |
All sales | 100.0% | 100.0% | 100.0% |
Source: California Association of Realtors
Posted via email from Duane's Proposterous Posterous
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