California pending home sales up in February, but down from a year ago; share of equity sales now at more than two-thirds, C.A.R. reports
LOS ANGELES, CA – March 25, 2013 – (RealEstateRama) — Pending home sales in California rose in February from the previous month but were lower than year-ago levels. Meanwhile, equity sales rose to their highest level in nearly five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales data:
C.A.R.’s Pending Home Sales Index (PHSI)* rose 8.7 percent from a revised 101.4 in January to 110.2 in February, based on signed contracts. Pending sales were down 8.2 percent from the 120 index recorded in February 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
Distressed housing market data:
- The share of equity sales – or non-distressed property sales – now make up more than two-thirds of all home sales for the first time since April 2008. The share of equity sales in February increased to 67.1 percent, up from 64.4 percent in January. The February level marked the highest level since April 2008, when the share was 67.3 percent. Equity sales made up less than half (46.7 percent) of all sales in February 2012.
- The combined share of all distressed property sales dropped to 32.9 percent in February, down from 35.6 percent in January and down from 53.3 percent in February 2012.
- Of the distressed properties, the share of short sales was 19.9 percent in February, down from 21.5 percent in January and down from 24.8 percent a year ago.
- The share of REO sales decreased from 13.7 percent in January to 12.6 percent in February and was down from 28 percent in February 2012.
- The available supply of REOs remained tight in February, with the Unsold Inventory Index for REOs remaining unchanged from January at 2.0 months. The February Unsold Inventory Index for short sales was 3.3 months and 3.8 months for equity sales.
Charts:
- Pending sales compared with closed sales.
- Historical trend in the share of equity sales compared with distressed sales.
- Closed housing sales in February by sales type (equity, distressed).
- Housing supply of REOs, short sales, and equity sales in February.
- A historical trend of REO, short sale, and equity sales housing supply.
- Year to year change in sales by property type.
Share of Distressed Sales to Total Sales
(Single-family)
| Type of Sale | Feb. 2013 | Jan. 2013 | Feb. 2012 |
| Equity Sales | 67.10% | 64.40% | 46.70% |
| Total Distressed Sales | 32.90% | 35.60% | 53.30% |
| REOs | 12.60% | 13.70% | 28.00% |
| Short Sales | 19.90% | 21.50% | 24.80% |
| Other Distressed Sales (Not Specified) |
0.50% | 0.40% | 0.50% |
| All Sales | 100.00% | 100.00% | 100.00% |
Single-family Distressed Home Sales by Select Counties
(Percent of total sales)
| County | Feb. 2013 | Jan. 2013 | Feb. 2012 |
| Alameda | 22% | 21% | NA |
| Amador | 46% | 48% | 52% |
| Butte | 40% | 42% | 53% |
| Contra Costa | 29% | 31% | NA |
| El Dorado | 39% | 37% | 62% |
| Fresno | 44% | 48% | 61% |
| Humboldt | 26% | 23% | 40% |
| Kern | 37% | 38% | 63% |
| Kings | 41% | 38% | NA |
| Lake | 45% | 54% | 66% |
| Los Angeles | 32% | 35% | 51% |
| Madera | 53% | 42% | 73% |
| Marin | 19% | 23% | 39% |
| Mendocino | 27% | 42% | 56% |
| Merced | 41% | 58% | 63% |
| Monterey | 45% | 43% | 59% |
| Napa | 34% | 30% | 52% |
| Orange | 20% | 27% | 43% |
| Placer | 33% | 35% | 60% |
| Riverside | 39% | 45% | 61% |
| Sacramento | 43% | 44% | 65% |
| San Benito | 44% | 39% | 66% |
| San Bernardino | 43% | 42% | 66% |
| San Diego | 15% | 14% | 29% |
| San Joaquin | 51% | 53% | 64% |
| San Luis Obispo | 21% | 30% | 42% |
| San Mateo | 19% | 19% | 37% |
| Santa Clara | 17% | 24% | 40% |
| Santa Cruz | 34% | 38% | 42% |
| Siskiyou | 60% | 57% | 67% |
| Solano | 52% | 59% | 74% |
| Sonoma | 34% | 35% | 51% |
| Stanislaus | 48% | 52% | 71% |
| Tehama | NA | NA | 84% |
| Tulare | 49% | 43% | NA |
| Yolo | 38% | 39% | 73% |
| California | 33% | 36% | 53% |
**Note: 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.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
