Real Estate

Pending home sales decrease in June

By From page HS13 | August 01, 2014

LOS ANGELES — Equity home sales posted their highest level since the housing crisis began, reaching more than 90 percent of all home sales. Meanwhile, seasonal factors, combined with shrinking affordability cooled pending home sales in June, the California Association of Realtors recently reported.

Distressed housing market data

• The share of equity sales continued in an upward trend, rising in June to 90.3 percent, up from 89.2 percent in May. Equity sales have been rising steadily again since the beginning of this year. June marks a full year that equity sales have been more than 80 percent of total sales and the first time they have risen above 90 percent.

• The combined share of all distressed property sales declined further in June, dropping from 10.8 percent in May to 9.7 percent in June.

• Twenty-three of the 41 reported counties showed a month-to-month decrease in the share of distressed sales, with 17 of the counties recording in the single-digits.

• Of the distressed properties, the share of short sales fell to its lowest level since February 2008, falling to 5 percent in June, down from 5.6 percent in May.

• The share of REO sales fell in June to 4.4 percent, down from 4.7 percent in May and from 6.8 percent in June 2013.

• The supply of inventory inched up across all sales types in June. The Unsold Inventory Index for equity sales edged up from 3.7 months in May to 3.8 months in June, and from 2.3 months in May to 2.4 months in June for REO sales. The supply of short sales rose from 4.3 months in May to 4.8 months in June.

Pending home sales data

• California pending home sales fell in June, with the Pending Home Sales Index dropping 2.8 percent from 110.1 in May to 107 in June, based on signed contracts.

• Pending sales were down 5.9 percent from the revised 113.8 index recorded in June 2013.

Press Release

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