California pending home sales increased in October on a seasonally adjusted basis, with the Pending Home Sales Index (PHSI)* rising 1.5% from 117.3 in October 2015 to 119.1 in October 2016 – the seventh consecutive year-to-year increase, the California Assocation of Realtors reported Tuesday. On a monthly basis, California pending home sales were down 6.7% from the September index of 127.7.
At the regional level, for Southern California as a whole, pending sales rose 2.4% on a monthly basis, reversing a three-month decline. On an annual basis, pending sales were up 6.8% in the region. Los Angeles, Orange, and San Bernardino counties posted healthy year-over-year increases of 5.2%, 19.1%, and 6.7%, respectively.
For the San Francisco Bay Area as a whole, pending sales were 4.7% lower than September and 11.6% lower than October 2015, as housing affordability continues to deteriorate amid the region’s skyrocketing home prices. San Francisco, San Mateo, and Santa Clara counties all experienced significant annual declines in pending home sales of 21.2%, 5%, and 12.5%, respectively.
Overall pending sales in the Central Valley declined from both the previous month and year, posting a 23.8% monthly drop and a 4.8% annual decrease.
