January pending and distressed sales report

February 26, 2014

Pending home sales reverse two-month decline; inventory loosens heading into spring homebuying season

LOS ANGELES (Feb. 26) – With the statewide housing inventory slowly improving, California pending home sales picked up steam in January and reversed a two-month decline, but pending sales were still down from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“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.

Pending home sales data:

• California pending home sales posted higher in January, with the Pending Home Sales Index (PHSI)* jumping 22.9 percent in January to reach 84.8, up from a revised index of 68.9 in December, based on signed contracts.  Pending sales were down 17.5 percent from the revised 102.8 index recorded in January 2013.  The year-over-year decline was the fifth straight annual double-digit drop in the PHSI.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

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