The share of equity home sales in California continued to expand in June, comprising four of every five home sales, primarily to a drop in distressed sales. Meanwhile, sales of REOs fell into the single-digits for the third straight month, the California Association of Realtors reported on July 23, 2013.
Pending Home Sales Data:
- Rising interest rates put a damper on CA pending home sales.
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- Pending Home Sales Index (PHSI) fell 6.4 percent in June to 114.3, down from 122.1 in May.
- Pending sales were down 5.5 percent from the 120.9 index record in June 2012.
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Distressed Housing Market Data:
- Distressed sales dropped 20.1 percent in June, down from 21.8 percent in May and down from 42.2 percent in June 2012.
- The share of equity sales in June increased to 79.9 percent, up from 78.2 percent in May. Equity sales made up more than half sales in June 2012.
- Of the distressed properties, the share of short sales was 12.9 percent in June, down from 14 percent in May and down 21.4 percent a year ago.
- REO sales continue to fall, dropping to single-digits, down from 7.3 percent in May to 6.6 percent in June and from 20.4 percent last year.
- The supply of homes loosened in June. At 1.8 months, Junes’s Unsold Inventory Index for REOs was unchanged from 1.7 months in May.
- The supply of short sales inched upward from 2.3 months in May to 2.4 months in June.
** C.A.R’s pending sales information is generated from a survey of more than 70 associations of Realtors and MLSs throughout the state. (www.car.org)**
