California pending home sales saw their first year-over-year increase in 18 months, according to a release from the California Association of Realtors.
The group’s pending home sales index was up 1.6 percent in May compared to a month earlier, and 12 percent above May 2010 levels.
“May marked the first year-over-year increase in pending sales since November 2009 and the largest annual increase since August 2009,” said C.A.R. President Beth L. Peerce, in a release.
“May’s increase in pending sales is consistent with our expectation that home sales in the second half of 2011 should be higher compared with the second half of 2010, and as a result, annual sales for all of 2011 should match or exceed last year’s annual pace.
So apparently there’s hope for 2011 after all…
Distressed Sales Still King
The distressed share of properties sold in May was 48 percent, unchanged from April, but up from 46 percent a year ago.
REO sales were up from 26 percent a year ago, while short sales were slightly below the 20 percent share seen last year.
Expect such sales to continue to dominate, as there’s plenty of mortgage lender inventory still being held off the market.
Good to see people gaining confidence in the real estate market again.