Pending home sales in California rose in October and were up from the previous year for the sixth consecutive month.  Additionally, distressed home sales rose in October from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Pending home sales:California pending home sales climbed 3.1 percent in October and were up from a year ago, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 122.0 in October, based on contracts signed in that month, up from September’s index of a revised 118.2.  The index also was up 10.7 percent from October 2010.  October marked the sixth consecutive month that pending sales rose from the previous year.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.“October’s increase in pending sales is encouraging, especially the six straight months of year-over-year increases,” said C.A.R. President LeFrancis Arnold.  “Despite all the challenges the housing market has faced this year, California home sales continue to perform modestly well and should be on pace to match or better last year’s level.”Distressed housing market data:

• At 53.9 percent, equity sales made up more than half of home sales in October, down from 55.5 percent in September and 55.2 percent in October 2010.
• While equity sales have edged down from their peak of 57.1 percent in July 2011, they are up from the beginning of the year when less than half (46.5 percent) of sales were non-distressed.
• The total share of all distressed property types sold statewide rose to 46.1 percent in October, up from September’s 44.5 percent and 44.8 percent in October 2010.
• Of the distressed properties sold statewide in October, 20.7 percent were short sales, slightly up from the previous month’s share of 20.1 percent and up from last October’s share of 19.7 percent.
• At 24.9 percent, the share of REO sales was up from September’s 24.0 percent, and slightly up from the 24.8 percent reported in October 2010.

 

Share of Distressed Sales to Total Sales(Single-family) 

Type of Sale	Oct. 2010	Sept. 2011	Oct. 2011
REOs	24.80%	24.00%	24.90%
Short Sales	19.70%	20.10%	20.70%
Other Distressed Sales (Not Specified)	0.30%	0.30%	0.50%
Total Distressed Sales	44.80%	44.50%	46.10%

Single-family Distressed Home Sales by Select Counties(Percent of total sales)

County	Oct. 2010	Sept. 2011	Oct. 2011
Amador	45%	54%	46%
Butte	27%	42%	43%
Humboldt	26%	19%	28%
Kern	65%	61%	67%
Lake	65%	61%	78%
Los Angeles	46%	46%	48%
Madera	63%	65%	89%
Marin	24%	35%	26%
Mendocino	51%	41%	49%
Merced	69%	61%	58%
Monterey	56%	59%	61%
Napa	50%	51%	46%
Orange	36%	36%	36%
Riverside	64%	60%	63%
Sacramento	64%	64%	64%
San Benito	74%	73%	72%
San Bernardino	67%	65%	65%
San Diego	25%	25%	28%
San Luis Obispo	43%	40%	46%
San Mateo	25%	26%	23%
Santa Clara	33%	35%	34%
Santa Cruz	30%	40%	40%
Solano	72%	73%	72%
Sonoma	46%	49%	51%
Tehama	63%	62%	49%
CALIFORNIA	45%	44%	46%

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