BAP Blog Pending California Home Sales dip in July

The California Association of Realtors is reporting that pending home sales, a sign of the direction of the housing market, fell 1.7 percent in California last month. It was also reported that the index for pending home sales that the association uses was up 4.9 percent from July, 2010. The downturn in new sales contracts isn't expected to continue, the association said in a statement. Although pending home sales dipped in July, all indications show that trend should continue at the current level for the next couple months. 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. Also the share of distressed homes, including bank owned and short sales, fell statewide to 44.5 percent in July, from 46.9 percent in June and 47.7 percent a year earlier, the association reported. Distressed single family homes sold in Riverside and San Bernardino counties remain at a higher level than for the state as a whole. In Riverside County last month distressed homes represented 62 percent of sales, down from 67 percent in July, 2010 but up from 61 percent in June. In San Bernardino County last month distressesd homes comprised 65 percent of sales, down from 69 percent in June and 72 percent a year earlier.