From East to West Reeds Are The Best!
*Despite ultra-low interest rates, California’s real estate market continued to underperform in July, with pending home sales posting lower for the fourth straight month. At the same time, equity home sales improved further, as both short sales and REO sales continued to decline, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
*California pending home sales fell in July, with the Pending Home Sales Index (PHSI) dropping 2.3 percent from 107 in June to 104.5 in July, based on signed contracts. The month-to-month drop was consistent with seasonal trends. Pending sales were down 9.2 percent from the 115.1 index recorded in July 2013. Pending sales have been down year to year since October 2012, but the pace appears to be decelerating as the decrease in July was smaller than the average in the last six months.
*The share of equity sales – or non-distressed property sales – continued its upward trend, inching up in July to 90.6 percent, up from 90.3 percent in June. Equity sales have been rising steadily again since the beginning of this year. Equity sales have been more than 80 percent of total sales for more than two years and have risen above 90 percent for the second straight month. Equity sales made up 82.8 percent of sales in July 2013.
Rich & Annie Reed
CalBRE# 01906230 & 01894384