On Wednesday, the California Association of Realtors debuted a new statistic by releasing its pending home sales index.
According to the PHSI, it rose to 93.6 from 82.4 in December. That's a near 14 percent rise over one month. Pending sales are determined based on the number of home sales contracts signed.
"Pending sales typically rise in January from a seasonally slow November and December," said Beth Peerce, president of the California Association of Realtors. "January's pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season."
The report itself showed 54 percent of all home sales were distressed, up from 50 percent in December.
The high number of distressed properties sold was likely influenced by widespread price reductions. Earlier this month, ZipRealty released data indicating some localities had cut home prices by as much as $32,500.
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