Talking Points …
- According to the CALIFORNIA ASSOCIATION OF REALTORS®, pending home sales in the state picked up steam in January and reversed a two-month decline, but pending sales were still down from a year ago.
- 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.
- After reaching a recent high in November, the share of equity sales – or non-distressed property sales – was essentially unchanged in January, but still marked the seventh straight month that equity sales have been more than 80 percent of total sales.