The index tracking pending home sales in California jumped
22.9 percent in January to 84.8 from 68.9 in December. This was the first increase in the Pending
Home Sale Index (PHSI) which is based on signed sales contracts, in three
the monthly increase could be viewed as an encouraging sign for spring, pending
sales were 17.5 percent below the PHSI of 102.8
one year earlier. This was the fifth
straight annual double-digit drop in the PHSI.
"We're starting to see a turning point in the
market as we approach the spring homebuying season. Home sellers realize
that home prices are holding steady and are gearing up for the upcoming season
by listing their homes for sale, while prospective home buyers are getting more
comfortable with stabilizing home prices and interest rates and are entering
the market," said C.A.R. President Kevin Brown.
There was an increase in inventory
across all property types. The Unsold
Inventory Index for equity properties increased from 3 months in December to
4.4 months in January and the supply of bank-owned real estate (REO) listings
climbed to 3.2 months from 2.8 months.
There was a 4.6 month supply of short sales 3.2 months in December
Equity or non-distressed home sales constituted
more than 80 percent of sales for the 7th straight month although
their share dipped from 84.5 percent in December to 84.4 percent. This is a strong comeback from January 2013
when equity sales had a 64.2 market share.
Short sales had a 9.2 percent market
share, less than half the 21.2 percent share of a year earlier and down
slightly from 10 percent in December.
Sales of bank-owned real estate (REO) inched up to 5.9 percent from 5.0
percent in December. Those sales had a
14.2 percent share in January 2013.