Skip to main content

CALIFORNIA PENDING HOME SALES A MIXED BAG IN SEPTEMBER, C.A.R. REPORTS


CALIFORNIA PENDING HOME SALES A MIXED BAG IN SEPTEMBER, C.A.R. REPORTS
Source: C.A.R.
Pending home sales results varied across California in September, decreasing statewide and in Southern California, but increasing in the Central Valley and San Francisco Bay Area, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.). All regions recorded year-over-year improvements, though.
Making sense of the story
  • Statewide pending home sales decreased in September, with the Pending Home Sales Index (PHSI) decreasing 1.5 percent from a revised 112.4 in August to 110.8 in September, based on signed contracts. The month-to-month decline was better than the average August- to-September loss of 3.4 percent observed in the last seven years.
  • On an annual basis, statewide pending home sales were up 10.9 percent from the revised 99.9 index recorded in September 2014. Pending sales have been increasing on a year-over-year basis since September 2014 and have seen double-digit increases for eight straight months.
  • At the regional level, pending sales were higher on a year-over-year basis in all areas, with Southern California and Central Valley both increasing by more than 10 percent over September a year ago.
  • The share of equity sales – or non-distressed property sales – reached its highest level since the fall of 2007. Short sales continued to decline, while REO sales inched up slightly from August. Equity sales now make up 94.1 percent of all sales, up from 91.3 percent a year ago.
  • Conversely, the combined share of all distressed property sales (REOs and short sales) fell in September to 5.9 percent of total sales, down from 8.7 percent a year ago.
  • Twenty-one of the 44 counties that C.A.R. reports showed month-to-month decreases in their share of distressed sales, with Mendocino having the smallest share of distressed sales at 0 percent, followed by San Mateo (1 percent), San Francisco (1.3 percent), and Santa Clara (1.3 percent).
  • Pending home sales in Southern California decreased to 85.9 in September, down 8.9 percent from 94.3 in August but up 10.2 percent from an index of 78 a year ago.

Comments

Post a Comment

Popular posts from this blog

Some home shoppers are calling it quits, convinced that prices have peaked

Two years ago, Mike Saavedra moved to Southern California, equipped with a new high-paying healthcare job and a plan. The former Arizona resident would rent by the beach while becoming familiar with neighborhoods where he may want to purchase a house. But a few months after starting his search, the Manhattan Beach renter cut it off. It was, he decided, the wrong time to buy. “I definitely think home prices are slightly overinflated,” Saavedra, 48, said. And he thinks there’s a good chance they’ll fall. “I would kind of like to wait and see if that happens.” After nearly seven years of sometimes fevered price hikes, the Southern California housing market has  slowed markedly  in recent months. Sales have fallen from year-ago levels and price appreciation has shrunk. In Los Angeles and Orange counties, year-over-year price increases peaked at 8.2% in April and have declined every month since. In October, home prices in those counties rose 5.5...
Post a Comment
Read more

Most Expensive U.S. Home Sale Ever: Billionaire Ken Griffin Closes On $238 Million New York Penthouse

A Manhattan penthouse is now the most expensive home ever sold in the United States. Hedge fund billionaire Ken   Griffin closed on an apartment under construction at 220 Central Park South this week for around $238 million. A spokeswoman for Griffin confirmed the sale, which was originally reported by Wall Street Jurnal  The deed is not yet available in city property records.  The figure destroys the previous New York City record of $100.47 million set in 2014; Computer billionaire Michael Dell was recently exposed as the owner of that penthouse in nearby ONE57. The prior national record was also set that same year when Barry Rosenstein, another hedge fund billionaire, purchased an East Hampton spread for $147 M. Since then, nine-figure sales have been largely concentrated in and around Los Angeles.  However, Griffin, with a net worth of $9.9 billion, is no stranger to massive real estate purchases. Just this week it came out that he spent $122 ...
Post a Comment
Read more

The Perfect Morning Routine for Successful People

Do you struggle to get through the morning and feel like you can't get anything done before noon? You're not alone. Plenty of people prefer nights to mornings but have to get up early anyway. If you're stuck bumbling through your morning, follow these steps to mimic the mornings of successful people. Prepare the Night Before . You don't have to be a successful morning person to start the day off right. Set out your clothes the night before, prepare your lunch for the day, and organize your work and task list. Everything will be ready to go when you wake up, even if your brain isn't. Make a List of What You Want to Accomplish . It's easy to feel overwhelmed when you can't keep track of what you need to do. Each day, review your to-do list of things you want to accomplish. You can also create stretch goals — things you want to do if you have more time. This will help you plan your day before it even begins. Do the Hardest Tasks First . The most successful...
Post a Comment
Read more