Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), California pending home sales fell for the second straight month, while equity sales continue to make up more than four of every five home sales.
- The share of equity sales – or non-distressed property sales – shrank slightly in December, but still marked the sixth straight month that equity sales have been more than 80 percent of total sales. The share of equity sales in December dipped to 84.3 percent, down from 86.4 percent in November.
- With extremely low levels of active listings, housing inventory tightened in December and remains extremely constrained. The Unsold Inventory Index for equity sales fell from 3.6 months in November to 3 months in December. The supply of REOs dropped from 3.4 months in November to 2.8 months in December.