Pending Sales Rise in Calif.

According to the California Association of Realtors (CAR), the pending home sales index in Calif. rose 4.3 percent, to 120.2 last month, compared to 115.2 in Sept. 2012, while pending home sales are up 3.6 percent over the 116.1 index of last year, the first time in seven months both have risen. Non-distressed property sales rose 63.4 percent in Oct., up from 63 percent the previous month, the highest number since 2008. HousingWire tells MHProNews all distressed property sales fell 36.6 percent in Oct., a slight decrease from 37 percent the prior month, and a significant drop from 51 percent last year. CAR President Don Faught says, “Non-distressed sales – which are up nearly 50 percent from a year ago – are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs. The significant increase in non-distressed sales has driven the share of equity sales to its highest level in more than four years.”

(Photo credit: Paul Sakuma/AP Photo)

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