California pending home sales rise in May on monthly and annual basis, C.A.R. reports
LOS ANGELES, CA – June 21, 2011 – (RealEstateRama) — California pending home sales rose in May, posting the first year-over-year increase in 18 months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
Pending home sales:
Pending home sales in California rose in May, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 118.3 in May, up 1.6 percent from April’s revised index of 116.4, based on contracts signed in May. The index also was up 12 percent from May 2010. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“May marked the first year-over-year increase in pending sales since November 2009 and the largest annual increase since August 2009,” said C.A.R. President Beth L. Peerce. “May’s increase in pending sales is consistent with our expectation that home sales in the second half of 2011 should be higher compared with the second half of 2010, and as a result, annual sales for all of 2011 should match or exceed last year’s annual pace.”
Distressed housing market data:
- The total share of all distressed property types sold statewide was unchanged in May from April’s 48 percent, but up from 46 percent in May 2010.
- Non-distressed sales made up the remaining share at 52 percent in May, unchanged from April but down from 54 percent in May 2010.
- Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 28 percent in May, unchanged from April, but up from 26 percent in May 2010.
- At 19 percent, the statewide share of short sales also was unchanged in May, but down from 20 percent in May 2010.
Multimedia:
- View a video of C.A.R. Deputy Chief Economist Robert Kleinhenz discussing highlights of the May existing home sales and price report, which was released June 15.
- View a chart of pending sales compared with closed sales.
# # #
Share of Distressed Sales to Total Sales
(Single-family)
|
Type of Sale |
May 2011 |
April 2011 |
May 2010 |
Single-family Distressed Home Sales by Select Counties
(Percent of total sales)
|
County/Region |
May 2011 |
April 2011 |
May 2010 |
|
Madera |
90% |
56% |
69% |
|
Lake |
80% |
79% |
64% |
|
Solano |
71% |
73% |
NA |
|
San Bernardino |
69% |
70% |
70% |
|
Riverside |
65% |
66% |
68% |
|
Sacramento |
65% |
67% |
62% |
|
Amador |
63% |
65% |
49% |
|
Tehama |
62% |
69% |
NA |
|
Merced |
57% |
61% |
50% |
|
Mendocino |
51% |
56% |
NA |
|
Sonoma |
48% |
54% |
NA |
|
Los Angeles |
45% |
47% |
45% |
|
Butte |
44% |
50% |
30% |
|
Napa |
43% |
51% |
NA |
|
San Luis Obispo |
40% |
43% |
33% |
|
Orange |
36% |
37% |
33% |
|
San Diego |
29% |
27% |
26% |
|
Marin |
28% |
28% |
NA |
|
Humboldt |
17% |
34% |
13% |
|
Kern |
NA |
68% |
61% |
N/A = data not available
*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 more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
