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California pending home sales rise in January

February 23rd, 2011 8:23 PM by Lehel S.

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.

Multimedia:

Share of Distressed Sales to Total Sales

Type of Sale Jan-10 Dec-10 Jan-11
REOs (real estate-owned) 37% 30% 32%
Short Sales 19% 20% 22%
Total Distressed Sales 56% 50% 54%

Distressed Sales by Select Counties
(Percent of total sales)

County/Region Jan-10 Dec-10 Jan-11
CA 56% 50% 54%
San Diego 34% 28% 33%
Marin 37% 34% 43%
Orange 41% 38% 43%
San Luis Obispo 49% 46% 47%
Los Angeles 54% 50% 54%
Mendocino 49% 57% 55%
Napa 68% 54% 59%
Sonoma 54% 55% 61%
Kern 69% 71% 70%
Sacramento 68% 66% 73%
Riverside 78% 67% 73%
San Bernardino 76% 72% 74%
Solano 76% 74% 81%

Posted in:General
Posted by Lehel S. on February 23rd, 2011 8:23 PM

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