October pending home sales in California rose from the previous month and year, while the share of equity sales grew to a four-year high, according to a report from the California Association of REALTORS®.
C.A.R.'s Pending Home Sales Index was up 4.3 percent from 115.2 in September to 120.2 in October. Pending sales were rose 3.6 percent from 116.1 in October 2011.
Information from MLSListings Inc. shows Santa Clara County had a total of 1,845 single-family home sales under contract in October, 1,894 in September, and 2,231 in October 2011. In Palo Alto, there were 49 single-family home sales under contract in October, up from 38 in the previous month and from 33 in October 2011.
"The number of sales under contract in our region in the month of October reflects a good market base, though still down from last year. The numbers show our market is continuing its recovery," said Suzanne Yost, president of the Silicon Valley Association of REALTORS®.
In neighboring San Mateo County, there were 715 single-family home sales under contract, down from 758 from the previous month and 760 in October 2011. Menlo Park had 45 home sales under contract in October, up from 43 in September and 42 last year.
The statewide share of equity sales as a portion of total sales expended to nearly 50 percent from last year. The share of equity sales in October was 63.4 percent, up from 63 percent in September, the highest share since June 2008. Equity sales made up 49 percent of all sales in October last year. The combined share of all distressed property sales dropped slightly to 36.6 percent in October, from 37 percent in September and 51 percent in October 2011.
The share of short sales was 24.4 percent in October and 22.6 percent a year ago. The share of REO sales dropped from 12.3 percent in September to 11.8 percent in October and was down from 28 percent in October 2011.
In Santa Clara County, single-family distressed home sales made up 22 percent of total sales in October, the same as the previous month. The October share was down from 34 percent a year ago.
In San Mateo County, single-family distressed home sales comprised 17 percent of total sales in October, down from 20 percent in September and 23 percent in October 2011.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.