Markets & Economy

California pending sales hit 6-year high

3 primary regions driving sales activity

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Takeaways: California pending home sales rose 17 percent year over year in July. Month over month, pending sales activity rose by 1.6 percent. Nondistressed property sales accounted for 93 percent of all home sales in July. On an annual basis, California pending home sales rose by 17 percent in July. When comparing July to June, pending sales activity also rose, by 1.6 percent, according to the California Association of Realtors’ (CAR) Home Sales Index, which reached 122.3 in July. Nondistressed property sales accounted for 93 percent of all home sales in July, with distressed sales representing the remaining 7 percent. The association reports that 22 of the 43 counties analyzed showed month-to-month declines in their share of distressed sales. San Francisco has the smallest share of distressed sales at 1 percent. On a regional level, pending sales have risen noticeably on a year-over-year basis in California’s three largest regions. In the San Franc...