Solid housing market conditions as California pending home sales dial higher from year ago for the fifth straight month (April 2015).
Pending home sales data:
California pending homes sales were up 13.6% on an annual basis from the 114 index recorded in April 2014, marking the fifth straight month of year-to-year gains and the third straight month of double digit advances. Pending home sales in Southern California were down 10.4% in April to reach an index of 103.5, but were up 13.5% from the April 2014 index of 91.2.
Equity and distressed housing market data:
The share of equity sales edged up in April to make up 91.9% of all home sales, the highest level since 2007. Equity sales made up 91% of all home sales in March and 88.3% in April 2014. The share of equity sales has been at or near 90% since mid-2014.
April REALTOR Market Pulse Survey:
The share of sales closing above asking price has been on an upward trend for three straight months, indicating the return of bidding wars in some local markets. In April 36% of transactions closed above asking price, up from the lowest point of 16% in January 2015. In April homes that sold above asking price sold for an average of 10% above asking price. Homes that sold below asking price sold for an average of 11% below asking price. The share of properties receiving multiple offers increased for the fourth straight month. Seventy-two percent of properties received multiple offers in April. The average numbers of offers on a property was 3.6, up from 2.7 in March.
April pending home sales and Market Pulse Survey- taken from car.org 5-28-2015
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