Pending home sales in California experienced a fall of 1.7% in July from June based on contracts signed during the 31-day month, according to the California Association of Realtors.
However, CAR said pending home sales were up by 4.9% compared to the same time period last year.
“While pending home sales dipped in July, all indications show we should continue at the current level for the next couple of months,” said Beth Peerce, president of the California Association of Realtors. “Pending sales have been ahead of last year's level for the past three consecutive months and should be on track to finish the year even with last year's pace.”
CAR also reported that distressed sales sold statewide in July were down to 44.5%, which represents a 2.4% month-over-month decline.
Last year, 47.7% of the total homes sold in the Golden State for the month of July were distressed properties.
Of the distressed homes sold, 17.5% were short sales, a decline from last month's share of 19.3%. This also represents a year-over-year difference of 3.4%.
REO sales were down from June's 27.3% figure to 26.7% in July, but up slightly from the 26.3% experienced in the same month last year.
Non-distressed sales made up the remaining share of home sales for the month at 55.5%, up from 53.1% in June and 52.3% in July 2010.
