A continued lack of housing inventory constrained California pending home sales in September, while the share of equity sales reached its highest level in four years, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently reported.

Pending home sales data:

C.A.R.’s Pending Home Sales Index (PHSI)* fell 3 percent from a revised 119 in August to 115.4 in September, based on signed contracts.  Pending sales were up 0.8 percent from the 114.5 index recorded in September 2011.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. Read more HERE.

The increase in new-home sales is a welcome boost to the Real Estate Market’s overall recovery. First Capital reports that the total home sales in September were up 27.1 percent compared to September of 2011.  Foreclosures have also fallen to a five-year low, reducing the supply of distressed homes available on the market. Read more HERE.

Good Real Estate news via First Capital: We’re on our way out of the housing bust, which means sales will soon be going up. Home sales in California’s biggest population centers climbed in August to the highest level since 2006, according to real estate research firm DataQuick. Read more HERE.