Great news came from the California Association of Realtors as they released a report from the Home Sales Index, which showed a new 6-year high on pending home sales.
The market also showed how majority is 93% non-distressed property with the remaining being 7%. As referenced below by a recent article form Inman.com, the market has been growing steady and consistently year after year.
On an annual basis, California pending home sales rose by 17 percent in July.
When comparing July to June, pending sales activity also rose, by 1.6 percent, according to the California Association of Realtors’ (CAR) Home Sales Index, which reached 122.3 in July. Non-distressed property sales accounted for 93 percent of all home sales in July, with distressed sales representing the remaining 7 percent.
The association reports that 22 of the 43 counties analyzed showed month-to-month declines in their share of distressed sales. San Francisco has the smallest share of distressed sales at 1 percent.
On a regional level, pending sales have risen noticeably on a year-over-year basis in California’s three largest regions.
In the San Francisco Bay Area, the home sales index stood at 129.6 in July, up 9.2 percent from July 2014. On a month-over-month basis, the index rose by 1.3 percent.Pending home sales in Southern California are up 16.8 percent from a year ago but were essentially flat from June to July, dipping 0.3 percent.
Central Valley pending sales rose in July by 20.7 percent compared to the same time last year. On a month-over-month basis, the index increased by 3.1 percent.
A separate CAR survey of more than 300 Realtors shows that 34 percent of homes closed above asking price in July, with 24 percent closing at asking price. Those that sold above asking price, on average, closed at an 11 percent premium.
Also of note, the share of properties receiving multiple offers rose to 67 percent in July.
McKee Properties is a San Diego Property Management company. We specialize in Property Management in San Diego and have been helping clients with their Property Management and Leasing needs since 1982. For more information on our San Diego Property Management services, visit us online at www.mckeecompany.com or give us a call at (619) 435-7780.