Seasonal factors and low housing inventory, particularly a lack of lender-owned homes, drove California pending home sales lower in December, according to the latest monthly report released by the California Association of Realtors.
The Realtors' pending home sales index fell to 82.3 in December, down from 103.5 in November and 88.1 in December 2011.
Statewide, the share of equity sales non-distressed property sales was 63.6 percent in December, compared with 64.9 percent in November. Equity sales were still higher than 48.4 percent in December 2011.
In Sacramento County, CAR said single-family distressed home sales comprised 51 percent of December sales, up from 47 percent in November but significantly down from 64 percent in December the prior year.