Pending homes sales in California showed solid gains in December compared to a year earlier. The California Association of Realtors reports an 8.3 per cent rise in its pending sales index to 77.9, however this was the smallest increase since January 2015. Seasonal factors saw pending sales drop 22.4 per cent in December compared with November.
The share of equity sales – or non-distressed property sales – edged up in December and remained at the highest levels since the fall of 2007. Equity sales now make up 93.6 percent of all sales, up from 90.1 percent a year ago.
Thin housing supplies, affordability and overinflated home prices are realtors’ main causes for concern in the state, according to a CAR survey.
