The share of distressed homes sold in March declined from February, but was unchanged from a year ago, C.A.R. recently reported.
The total share of all distressed property types sold statewide also declined in March, to 51 percent, down from 56 percent in February and unchanged from 51 percent in March 2010. Meanwhile, the share of non-distressed sales rose to 49 percent in March, up from 44 percent in February, but unchanged from 49 percent in March 2010. The statewide share of short sales also dropped in March to 20 percent, down from 23 percent in February but up from 19 percent in March 2010.
The median price of homes sold in the state varied dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.
Price differences across short sales, REOs and non-distressed properties reflect variances in the condition of the property, with REOs typically being in worse condition than short sales and non-distressed properties. A seller’s circumstance, such as needing to sell under duress, also is a factor.
According to C.A.R.’s Pending Home Sales Index, pending home sales in March rose compared with February. The index was 128.7 in March, rising 15.2 percent from February’s revised index of 111.7, based on contracts signed in March. The index was down 0.3 percent from March 2010, when the presence of housing tax credits played a strong role in home sales. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
