California pending home sales skyrocketed since last July and posted the strongest year-over-year increase in more than six years, according to the latest report from the California Association of Realtors.
The Pending Home Sales Index grew 17% on an annual basis to 122.3 in July, based on signed contracts.
This is up from the 104.5 index recorded a year ago and marked the eighth straight month of year-to-year gains and the sixth straight month of double-digit advances.
On a monthly basis, the PHSI was up from the 120.4 index in June.
The month-to-month increase was higher than the average June-July loss of 2% observed in the last seven years.
Regionally, pending sales rose in the San Francisco Bay Area to an index of 129.6, up 1.3% from June and up 9.2% from July 2015.
However, pending home sales in Southern California barely moved, falling 0.3% from June to reach an index of 109.3 in July but up 16.8% from a year ago.
In Central Valley, pending sales increased 3.1% from June to reach an index of 102.6 in July and up 20.7% from July 2015.
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(Source: California Association of Realtors)
Meanwhile, according to latest California housing report from PropertyRadar, California single-family home and condominium sales fell 4% to 41,143 in July from 42,872 in June but were up 10.6% from 37,196 in July 2014.
Driving the increase in year-over-year sales was the 14.2% increase in non-distressed property sales.