Pending home sales dip in California

by KERRY CURRY

California pending home sales dipped in July from the previous month, as did the share of sales of distressed properties, the California Association of Realtors said.

Pending home sales in California fell 1.7% in July, according to CAR's Pending Home Sales Index. The index was 117 in July, down from June's index of 119, based on contracts signed in July. The index was up 4.9% from July 2010.

"Pending sales have been ahead of last year's level for the past three consecutive months and should be on track to finish the year even with last year's pace," said CAR President Beth Peerce.

The total share of all distressed property types sold statewide fell to 44.5% in July, down from June's 46.9%. The share of distressed sales also was down from a year prior, when distressed sales made up 47.7% of all home sales.

Of distressed properties sales, 17.5% were short sales, down from 19.3% in June and 20.9% in July 2010.

Pending REO sales accounted for 26.7% of the market in July, down from June's 27.3% figure, but up slightly from the 26.3% reported in July 2010.

URL to original article: http://www.housingwire.com/2011/08/23/pending-home-sales-dip-in-california

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