Home sales up throughout the State, Santa Monica real estate market continues to improve

California is one state posting significant improvements, while others are taking longer to recover.

New data from the California Association of Realtors, CAR, reveals pending home sales posted significant gains on both a monthly and year-over-year basis in a recent report for the month of October.

According to the Pending Home Sales Index, transactions throughout the state rose 4.3 percent in October to 120.2 from 115.2 the previous month. Pending sales were also up 3.6 percent from the October 2011 index.

The supply of properties on the market that are either foreclosures or short sales fell to just 1.9 months in October when compared to the 2.2-month supply in September. With a lower inventory of delinquent properties, other factors including home prices will continue to rise throughout the rest of the year and well into 2013.

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