Pending Home Sales in California Higher for Seventh Month in a Row
California Association of Realtors reported that pending home sales fell 9.1% in November 2011, but were up from a year ago. Based on contracts signed in November, the index came in at 109.8 (down from October’s revised index of 120.9). The index was up 11%, however, from November of 2010.
This marked the seventh month in a row that pending sales were up from last year. Equity sales (as opposed to short pays or bank owned homes)) accounted for more than half (55.1%) of sold homes in November, up from 53.9% in October and 54.4 % in November 2010.
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