California avoided the seasonal slowdown, as pending home sales were up in October on a monthly, and annual basis, according to the California Association of Realtors.
CAR's Pending Home Sales Index jumped 4.3 percent to 120.1 in October. Compared to last year, the PHSI was up 3.6 percent. Pending sales are typically a forward looking measure of future home sales activity.
"The strong pace of pending sales in October is a continuation of what we've experienced for most of 2012, with demand remaining robust across all parts of the state," said CAR president Don Faught. "Non-distressed sales are especially strong, while REO sales are down more than 51 percent, primarily due to a short supply of REOs."
Additionally, the share of equity sales in the Golden State jumped from 63 to 63.4 percent – the highest level in more than four years. A year ago, equity sales accounted for 49 percent of all sales.
Home sales activity could remain strong to end out the year, as buyers continue to take advantage of record low mortgage rates while they still can.
