IE Business Daily Business news for the Inland Empire.
Non-distressed home sales in California have reached their highest level since the start of the housing crisis.
About 90 percent of all single-family home sales statewide in June were equity sales defined as sales of properties not in foreclosure or otherwise distressed – up from 89 percent in May, according to data released Wednesday by the California Association of Realtors.
June marked one year that equity sales were above 80 percent in California, numbers that continued an upward trend that started earlier this year. Year-over-year, the increase was particularly dramatic: non-distressed sales made up 79.7 of all housing sales in June 2013, the association stated.
In Riverside County, 13 percent of all home sales last month were equity sales, down from 14 percent in May and down 26 percent compared with June 2013.
In San Bernardino County, 16 percent of the home sales last month were classified as equity sales, down from 19 percent in May and down 29 percent year-over-year, according to the association.
Forty one counties participated in the survey, with 23 reporting a month-to-month decline in distressed sales. Of those, 17 had distressed sales in the single digits, according to the data.
