Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), pending home sales posted stronger than average gains in February for the second straight month. However, sales remained below the level of a year ago, despite slight improvements in the statewide housing demand.
- To be precise, pending home sales jumped 14.2 percent in February. The Pending Home Sales Index (PHSI) increased from 84.8 in January to 96.8 in February, based on signed contracts. Pending sales were down 12 percent from the 110.1 index recorded in February 2013.
- Equity sales have stabilized over the past several months and should continue to hover around 85 percent, with February marking the eighth straight month that equity sales have been more than 80 percent of total sales. Equity sales made up 66.7 percent of sales in February 2013.