Seasonal factors drove California pending home sales lower in November, according to the latest monthly report by the California Association of Realtors. At the same time, CAR noted that equity home sales continued to grow.
CAR's Pending Home Sales Index fell to 103.5 in November, down from 121 in October and 104.4 in November 2011.
Statewide, the share of equity sales non-distressed property sales compared with total sales expanded in November to 64.9 percent, up from 63.4 percent in October and the highest level since May 2008. In November 2011, equity sales made up about half (50.2 percent) of all sales.
In Sacramento County, CAR said single-family distressed home sales comprised 47 percent of November sales, matching October's percentage but significantly down from 63 percent in November last year.