State's pending home sales rise in January
But bank-owned, short sales also up to 54% of market
Pending home sales in California increased in January, according to the California Association of Realtor's Pending Home Sales Index. The index was 93.6 in January, rising 13.6% from December's index of 82.4, based on contracts signed in January.
"Pending sales typically rise in January from a seasonally slow November and December," said C.A.R. President Beth L. Peerce. "January's pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season."
The total share of all distressed property types sold statewide in January was 54%, up from 50% in December, but down from 56% in January 2010.
Conventional sales made up the remaining share at 46% in January, down from 50% in December, but up from 44% in January 2010.
Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32% in January, up from 30% in December, but was down from 37% in January 2010.
The statewide share of short sales increased to 22% in January, up from 20% in December and up from 19% in January 2010.
The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
The statewide median price of conventional properties sold in January was $367,150, which is 38% higher than the short sale median price of $265,500 recorded in January, and 85% higher than the January REO median price of $198,000.