California pending home sales rise, post double-digit year-over-year gains
C.A.R.’s Pending Home Sales Index rose to 128.8 in May compared with 115.8 a
year earlier. Pending home sales also posted double-digit gains compared
with the previous year for the fourth consecutive month. Additionally, the
share of distressed sales continued to decline from year-ago levels, signaling
a return of non-investors to the housing market.
- The share of equity sales – or non-distressed
property sales – compared with total sales improved further in May.
The share of equity sales rose to 59.3 percent in May, up from 55.8
percent in April. Equity sales made up 51 percent of all sales in
- Likewise, shares of REOs and short sales sold
statewide decreased in May, with the share of REO sales dropping the most
markedly from a year ago. The combined share of all distressed
property sales fell to 40.7 percent in May, down from April’s 44.2 percent
and from 49 percent in May 2011.
- The share of short sales declined in May to
19.4 percent, down from 20.6 percent in April and from 20.3 percent a year
- Of the distressed properties, the share of REO
sales declined further in May to 21 percent, down from 23.2 percent in
April and 28.4 percent in May 2011.
- The available supply of REOs for sale
continued to tighten in May, with the Unsold Inventory Index declining
from a 2-month supply in April 2012 to 1.5 months in May 2012.