Pending Home Sales Rise in California

As HousingWire reports, the pending home sales index rose 2.7 percent from 115.8 in July to 118.9 in August even with available inventory levels falling, according to the California Association of Realtors (CAR). However, the pending sales index in Aug. 2011 was 121.4. The decline, says CAR President LeFrancis Arnold, is due to a gradual drop in the last five months of availability of homes for sale. Meanwhile, MHProNews has learned real estate owned (REO) home sales comprised only 14.4 percent of August sales, a drop from 17.4 percent in July and 27.8 percent in Aug. 2011.

(Photo credit: Paul Sakuma/AP Photo)

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