California pending home sales rose in August from July, but a continuing shortage of housing inventory sent pending sales lower from the previous year. Additionally, the lack of supply, particularly of REO properties, sent the share of equity sales to its highest level in four years, CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.) reported today.
Pending home sales data:
C.A.R.’s Pending Home Sales Index (PHSI)* rose 2.7 percent from a revised 115.8 in July to 118.9 in August, based on signed contracts. Pending sales were down 2 percent from the 121.4 index recorded in August 2011. August’s year-to-year decline reversed a 15-month trend of higher pending sales than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“While August’s pending sales were higher than July, the pending sales decline from last year is not a surprise, as we started to see a gradual slowdown in the year-to-year change over the past five months, primarily due to a dearth of available homes,” said C.A.R. President LeFrancis Arnold.
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