California pending home sales higher in October; distressed sales levels remain low
LOS ANGELES (Nov. 25) – California pending home sales reversed a two-month decline to post higher in October, but were down from a year earlier, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales data: California pending home sales rose in October, with the Pending Home Sales Index (PHSI)* climbing 2.5 percent in October to 109.3, up from 106.7 in September, based on signed contracts. The monthly increase was considerably greater than the average September-to-October change of 0.7 percent over the past five years. Pending sales were down 9.9 percent from the 121.2 index recorded in October 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
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.