Pending Sales Increase in California

Pending home sales in California were up nearly 9% in February over January, but when compared with February 2012, they were down 8%, the California Association of Realtors said.

Another piece of good news is that nondistressed property sales are now two-thirds of all home sales in the state for the first time since April 2008. February found that 67.1% of all sales were of nondistressed properties, up from 64.4% in January. In April 2008, they were 67.3%.

Short sales made up 19.9% of February’s volume, down from 21.5% in January, while real estate owned sales were 12.6%, compared with 13.7% the month before.

The unsold inventory of REO was 2.0 months, unchanged from January, while for short sales it was 3.3 months and nondistressed sales it was 3.8 months.

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