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California Pending Home Sales Lift in January

Pending home sales rose from December’s extreme lows and posted month-to-month and year-to-year increases in January, according to C.A.R.  California pending home sales increased in January, with the Pending Home Sales Index (PHSI) rising 26.7 percent from 70.9 in December to 89.8 in January, based on signed contracts.  The month-to-month increase was better than the long-run average increase of 16.3 percent observed in the last six years, and is attributed primarily to seasonal factors. 

The share of equity sales – or non-distressed property sales – fell for the third straight month in January.  Equity sales made up 88 percent of all sales in January, down from 89.8 percent recorded in December.  Equity sales have been more than 80 percent of total sales since July 2013 and have risen at or near 90 percent since mid-2014. Equity sales made up 84.3 percent of sales in January 2014.

 

Additionally, California REALTORS® responding to C.A.R.’s January Market Pulse Survey saw more price reductions and an increase in open house traffic, compared to a year ago.  The Market Pulse Survey is a new monthly online survey of more than 300 California REALTORS® to measure sentiment about their last closed transaction and business activity for the previous month and the last year. 

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Guest Friday, 17 August 2018