February 23rd, 2011 8:23 PM by Lehel S.
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:
Share of Distressed Sales to Total Sales
Distressed Sales by Select Counties(Percent of total sales)