Pending home sales in California increased 1.9% from May to June to a Pending Home Sales Index of 119, up 4.4% from June, 2010, the California Association of Realtors reported Wednesday.
"Pending home sales have improved in the last couple of months and the next few months should bring continued gains," said C.A.R. President Beth L. Peerce. "So much depends on the direction of the economy, going forward. As for the makeup of the market, distressed sales continue to be a significant part of the market with the split between short sales and REO sales varying greatly across the state."
According to C.A.R., the total share of all distressed property types sold statewide was unchanged in June from May's revised 47%, which also was flat with June, 2010. percent. Of the distressed properties sold statewide, 19% were short sales, a slight decline from 20% in May and 21% last June. REO sales were flat with May at a share of 27%, up from 25% in June 2010. Non-distressed sales made up the remaining share of home sales in June at 53%, unchanged from both the previous month and year.
Distressed sales comprised a far higher percentage in counties furthest away from the major cities and in markets that were overbuilt during the housing boom. The concentration of distressed sales in the Inland Empire was more than 60%, topped by San Bernardino County at 69%. Sacramento County distressed properties accounted for 65% of sales. In coastal Southern California, L.A. County came in at 47%, Orange County at 35% and San Deigo at 28%. Napa County distressed sales were at 51%; Marin County at 26%.
A video report from C.A.R. on the June data can be accessed here.
Learn more about markets featured in this article: Los Angeles, CA.