Pending home sales declined in Southern California in August, but were still well ahead of the same month a year ago, the Los Angeles-based California Association of Realtors announced Tuesday.
The story was largely the same across the state, with August pending home sales down but still strong, marking 10 straight months of year-over-year gains, according to CAR.
In Southern California, pending home sales dropped 13.7 percent from July, but were up 14.7 percent from a year ago.
At the regional level, pending sales were higher on a year-over-year basis in the San Francisco Bay Area, Southern California, and Central Valley, but were lower on a monthly basis, CAR said.
San Francisco Bay Area pending sales fell 14.1 percent from July, but were up 1.1 percent from August 2014.
Central Valley pending sales were lower in August, decreasing 5.7 percent from July, but were up 15.9 percent from August 2014.
CAR also reported that the share of equity sales — or non-distressed property sales — edged up from August to post its highest level since the fall of 2007. Equity sales made up 93.8 percent of all home sales in August, up from 93.3 percent in July and 91.6 percent in August 2014.
The Pending Home Sales Index statewide rose 12.8 percent on an annual basis to 112.8 in August, based on signed contracts. The August 2015 index was up from the 100 index recorded a year ago and marked the 10th straight month of year-over-year gains, according to CAR.
The index is a comparison of pending sales with those in 2008 as a baseline year, with an index of 100 equaling the average level of sales- contract activity that year.
—City News Service