New stats are in from the CA Assoc. of Realtors. While they often try to throw a positive spin on the numbers to keep us realtors busy (!) the raw data in this report shows good things happening in CA:
“Equity home sales post higher in September
The share of equity home sales in California continued to grow in September, now making up more than eight of every 10 home sales, the highest level in nearly six years. Meanwhile, the share of short sales fell into the single digits and dropped to levels not seen since January 2009, C.A.R. reported this week.
The share of equity sales – or non-distressed property sales – rose again for the 10th straight month, making up more than eight in 10 sales, the highest share since November 2007. The share of equity sales in September increased to 85.8 percent, up from 84.7 percent in August. Equity sales made up 62.7 percent of sales in September 2012.
Conversely, the combined share of all distressed property sales continued to decline in September, dropping to 14.2 percent in September, down from 15.3 percent in August and down sharply from 37.3 percent in September 2012. Twenty-six of the 38 reported counties showed a month-to-month decrease in the share of distressed sales, with San Diego, San Mateo, and Santa Clara tied for the lowest share at 4 percent.
California pending home sales dipped in September, with the Pending Home Sales Index (PHSI) slipping 1.8 percent in September to 106.4, down from 108.3 in August, based on signed contracts. The monthly slip was slightly smaller than the average August-to-September decrease over the past five years. Pending sales were down 8.1 percent from the 115.7 index recorded in September 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.