Talking Points

  • Sales of REOs fell into the single-digits for the second straight month and registered levels not seen since October 2007, according to information collected by the CALIFORNIA ASSOCIATION OF REALTORS®. The share of REO sales fell to single-digits for the second straight month, dropping from 9.2 percent in April to 7.3 percent in May and from 22.8 percent in May 2012.
  • The share of equity home sales in California continued to grow in May, making up nearly four of every five home sales. In May, there was an increase to 78.2 percent, up from 75.6 percent in April. Equity sales made up more than half (55.8 percent) of all sales in May 2012.
  • C.A.R.’s Pending Home Sales Index (PHSI) edged up 0.3 percent in May to 122.1, up from 121.7 in April, based on signed contracts. Pending sales were down 3.1 percent from the 125.9 index recorded in May 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.