The Pending Home Sales Index fell 5% in August to 108.3, down from 114 in July. When compared with the 118.9 index value for August 2012, it fell 8.9%.
California Association of Realtors chief economist Leslie Appleton-Young said the Federal Reserve’s decision not to start to taper bond purchases should result in lower interest rates, which in turn “bodes well for prospective buyers.”
Almost 85% of all sales in the state were for nondistressed properties. In comparison, 83% of July’s sales were traditional transactions, while in June it was just over 80%.
Short sales made up over 10% of sales, the lowest level for this kind of transaction since February 2009. In August 2012, 23% of transactions in California were short sales.
The remaining 5% of California sales were of real estate owned. This is down from 15% on a year-over-over basis.