LOS ANGELES (Feb. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) 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:
Multimedia:
Share of Distressed Sales to Total Sales
Distressed Sales by Select Counties (Percent of total sales)
*Note: C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually becomes closed sales transactions one to two months later. The year 2008 was used as the benchmark for the pending homes sales index. An index of 100 is equal to the average level of contract activity during 2008. |
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