According to the California Association of Realtors, statewide pending home sales in California decreased in January 2016 on a year-over-year basis for the first time since August 2014 as a shortage of homes for sale and low housing affordability persist and volatile financial markets distract buyers.
California Realtors reported to following pending home sales data for January 2016:
Statewide pending home sales fell in January on an annual basis, with the Pending Home Sales Index (PHSI) decreasing 2.9 percent from 98.5 in January 2015 to 95.6 in January 2016, based on signed contracts.
On a monthly basis, California pending home sales rose from December, primarily due to seasonal factors. The PHSI increased 21.1 percent from an index of 79 in December to 95.6 in January.
At the regional level, pending sales also were lower on a year-over-year basis in all areas. All regions experienced double-digit, month-to-month increases in pending sales.
San Francisco Bay Area pending sales rose 13.9 percent from December to reach an index of 106.5 in January, up from December's 93.5 index and down 4.7 percent from January 2015's 111.8 index.
Pending home sales in Southern California increased 10 percent from December to reach an index of 75.9 in January, up from December's index of 69 and down 4.1 percent from an index of 79.1 a year ago.
Central Valley pending sales rose from December to reach an index of 72.7, up 11.9 percent from December's 65 index and down 1.1 percent from January 2015's 73.5 index.