US Residential and Foreclosure Sales Report.pdf

7/27/2019 US Residential and Foreclosure Sales Report.pdf

1/15

INSTITUTIONAL INVESTOR PURCHASES REACH

NEW HIGH IN SEPTEMBER WITH 14 PERCENT OF

ALL U.S. RESIDENTIAL SALES

Cash Sales Up to 49 Percent of all Residential Sales, HighestLevel Since March 2012

Pace of Home Price Gains Starting to Plateau in Fastest-

Appreciating Markets

IRVINE, Calif. Oct. 24, 2013 RealtyTrac (www.realtytrac.com),the nations leading source for comprehensive housing data, todayreleased its September 2013 U.S. Residential & Foreclosure SalesReport, which shows that U.S. residential properties, including singlefamily homes, condominiums and townhomes, sold at an estimatedannualized pace of 5,673,249 in September, up 2 percent from Augustand up 14 percent from September 2012.

The national median sales price of all residential properties includingboth distressed and non-distressed in September was $174,000, up1 percent from a revised $172,000 median price in August and up 6percent from a $164,500 median price in September 2012.

The median price of a distressed residential property in foreclosureor bank-owned in September was $112,000, 41 percent below themedian price of $189,000 for a non-distressed residential property.Distressed sales combined accounted for 25 percent of all sales inSeptember, up from 18 percent of all sales a year ago.

The housing market continues to skew in favor of investors,particularly deep-pocketed institutional investors, and other buyerspaying with cash, said Daren Blomquist, vice president at RealtyTrac.While the institutional investors are pulling back their purchases inmany of the higher-priced markets places like San Francisco,Washington, D.C., New York, Seattle and Sacramento they arecontinuing to ramp up purchases in markets where median prices arestill below $200,000 places like Jacksonville, Atlanta, Charlotte, St.Louis and Dallas. The availability of distressed inventory also makes adifference. For example, institutional investor purchases haverebounded in Las Vegas corresponding to a recent rebound inforeclosure activity there.


2/15

Distressed sales remain persistently high, particularly short sales,Blomquist added. Markets with the biggest increases in short salestend to be those where either foreclosure starts or scheduledforeclosure auctions have rebounded in the last 18 months

translating into more motivated short sellers or those with a still-high percentage of underwater homeowners with negative equity.

Other high-level findings from the report:

Institutional investors (purchasing 10 or more properties in the last12 months) accounted for 14 percent of all sales in September,up from 9 percent in August and also 9 percent in September2012. September had the highest percentage of institutionalinvestor purchases of any month since RealtyTrac began tracking

in January 2011.

Among metro areas with a population of 1 million or more, thosewith the highest percentage of institutional investor purchases inSeptember were Atlanta (29 percent), Las Vegas (27 percent),St. Louis (25 percent), Jacksonville, Fla., (23 percent), Charlotte,N.C., (17 percent), Memphis, Tenn. (16 percent), Richmond,Va., (15 percent), Dallas (15 percent), and San Antonio, Texas(15 percent).

All-cash purchases nationwide represented 49 percent of allresidential sales in September, up from a revised 40 percent inAugust and up from 30 percent in September 2012.

Among metro areas with a population of 1 million or more, thosewith the highest percentage of all-cash sales were Miami (69percent), Tampa, Fla. (62 percent), Jacksonville, Fla. (62percent), Las Vegas (62 percent), Orlando, Fla., (59 percent),Atlanta (54 percent), Cleveland (51 percent), and Memphis,Tenn. (51 percent).

Short sales accounted for 15 percent of all U.S. residential sales inSeptember, up from 14 percent in August and 9 percent inSeptember 2012. States with the biggest percentage of shortsales were Nevada (32 percent), Florida (30 percent), Ohio (26percent), Maryland (22 percent), and Tennessee (21 percent).

Among metro areas with a population of 1 million or more, those


3/15

with the highest percentage of short sales were Las Vegas (34percent), Columbus, Ohio (33 percent), Tampa, Fla. (33percent), Memphis, Tenn., (32 percent), and Miami (32 percent).

Sales of bank-owned homes accounted for 10 percent of all U.S.residential sales in September, up from 9 percent in August andalso 9 percent in September 2012. Among metro areas with apopulation of 1 million or more, those with the highestpercentage of bank-owned sales were Las Vegas (21 percent),Riverside-San Bernardino, Calif., (20 percent), Cleveland (19percent), Phoenix (18 percent), and Columbus, Ohio (16percent).

Annualized sales volume increased from the previous month in 34out of the 38 states tracked in the report and was up from a

year ago in 35 states. Notable exceptions where annualized salesvolume decreased from a year ago were California (down 15percent), Arizona (down 11 percent), and Nevada (down 5percent).

States with the biggest annual increases in median prices wereCalifornia (up 30 percent), Michigan (up 25 percent), Nevada (up23 percent), Georgia (up 20 percent), and Arizona (up 20percent).

Among metro areas with a population of 1 million or more, those

with the biggest annual increases in median prices were SanFrancisco (35 percent), Detroit (34 percent), Sacramento (33percent), Atlanta (27 percent), Riverside-San Bernardino, Calif.,(26 percent), and Phoenix (25 percent).

Home price appreciation showed signs of plateauing in these top sixappreciating markets. In all six markets, the annual increase inhome prices was down compared to previous months this year.

Local broker perspectives

Home sales have been holding steady for the past three months inspite of slightly increased interest rates, and the listing inventory hasincreased substantially, which is giving homebuyers far more choices,said Rich Cosner, president ofPrudential California Realty, coveringthe Southern California market. Cash sales continue to account for asubstantial number of home sales in Orange, San Bernardino andRiverside counties, but are decreasing by the month.


4/15

Home sales in Oklahoma are seasonally low, partly due to the recentgovernment shutdown, said Sheldon Detrick, CEO ofPrudentialDetrick/Prudential Alliance Realty, covering the Tulsa and OklahomaCity, Okla., markets. Pending sales are going to be seasonally upbetween 10 and 15 percent, which means the coming month will be

very good for closing sales.

The pace of sales has continued to create inventory shortages in theNorthern Utah market, but internal numbers would suggest that sellersare coming off the sidelines and re-entering the market, said SteveRoney, CEO ofPrudential Utah Real Estate, covering the Salt Lake Cityand Park City, Utah, markets. This should help rebalance supply anddemand going forward, but there is no question that the housingmarket is in much better shape now compared to last year.

Report methodology

The RealtyTrac U.S. Residential Sales Report provides counts andmedian prices for sales of residential properties nationwide, by stateand metropolitan statistical areas with a population of 500,000 ormore. Data is also available at the county level upon request. Thereport also provides a breakdown of cash sales, institutional investorsales, short sales and bank-owned sales. The data is derived fromrecorded sales deeds and loan data, which is used to determine cashsales and short sales. Sales counts for recent months are projectedbased on seasonality and expected number of sales records for thosemonths that are not yet available from public record sources but will

be in the future given historical patterns. Statistics for previousmonths are revised when each new monthly report is issued as moredeed data becomes available for those previous months.

DefinitionsResidential property sales: sales of single family homes,condominiums/townhomes, and co-ops, not including multi-familyproperties.

Annualized sales: an annualized estimate of the number of residential

property sales based on the actual number of sales deeds received forthe month, accounting for expected sales records for that month thatwill be received in future months as well as seasonality.

Distressed sales: sale of a residential property that is actively in theforeclosure process or bank-owned when the sale is recorded.

Distressed discount: percentage difference between the median price


5/15

of distressed sales and a non-distressed sales in a given geographicarea.

Bank-Owned sales: sales of residential properties that have beenforeclosed on and are owned by the foreclosing lender (bank).

Short sales: sales of residential properties where the sale price isbelow the combined total of outstanding mortgages secured by theproperty.

All-cash purchases: sales where no loan is recorded at the time of saleand where RealtyTrac has coverage of loan data.

Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in the last 12months.

Residential Sales Counts & Median Prices by State September

2013

AnnualizedSales

% fromAug2013

% fromSep 2012

Median SalesPrice

% fromAug 2013

%Sep

U.S. Total 5,673,249 2% 14% $174,000 1% 6

Alabama 45,526 3% 2% $124,750 -3% 1

Alaska 10,850 2% 34%Arizona 186,465 1% -11% $165,000 -1% 2

Arkansas 33,248 1% 29% $130,000 1% 0

California 587,349 0% -15% $345,000 -1% 3

Colorado 138,812 2% 4% $230,000 -2% 9

Connecticut 27,659 0% 11%

Delaware 17,354 4% 11% $190,500 -2% 0

District of Columbia 9,967 -1% 10% $468,500 -1% 1

Florida 643,540 1% 20% $130,000 0% 1

Georgia 209,490 2% 7% $135,000 -1% 2

Hawaii 21,846 2% 7% $320,000 5% -1

Idaho 29,458 -2% 22%

Illinois 217,544 4% 32% $168,500 1% 1

Indiana 102,341 2% 38%

Kansas 16,278 -4% 29%

Louisiana 49,117 2% 20%Maryland 95,828 1% 11% $250,000 2% 8

Massachusetts 58,866 0% 14%

Michigan 221,703 6% 19% $105,000 2% 2

Minnesota 96,953 4% 32% $183,000 2% 9

Missouri 96,741 1% 18%


6/15

Nebraska 32,301 -1% 33% $135,000 -1% -

Nevada 90,406 1% -5% $160,000 1% 2

New Jersey 92,409 2% 18% $290,000 1% 5

New Mexico 34,519 2% 34%New York 155,081 1% 6% $350,081 7% 1

North Carolina 175,180 3% 19% $143,648 -3% -2

Ohio 194,266 2% 17% $104,000 -3% 2

Oklahoma 65,644 2% 26% $125,000 0% 0

Oregon 71,824 1% 1% $230,000 0% 1

Pennsylvania 178,308 2% 27% $150,000 0% 1

South Carolina 98,156 2% 6% $132,000 -2% 5

Tennessee 124,497 2% 9% $119,000 -2% 3

Texas 588,134 1% 26%

Utah 81,355 1% 13%

Virginia 125,851 1% 32% $265,000 -4% 0

Washington 125,143 2% 7% $235,000 -1% 6

Wisconsin 85,782 1% 28% $150,000 -2% 5

Alabama 45,526 3% 2% $124,750 -3% 1

Alaska 10,850 2% 34%

Arizona 186,465 1% -11% $165,000 -1% 2

Arkansas 33,248 1% 29% $130,000 1% 0

Insufficient data available for states not included in the table and blank

cells

Residential Sales Counts & Median Prices by Metro Area September 2013

Metro Area AnnualizedSales %

fromAug 2013 %

fromSep 2012 Median SalesPrice %

Aug

New York-Northern NewJersey-Long Island, NY-NJ-PA

149,796 1% 8% $391,125

Los Angeles-Long Beach-SantaAna, CA

151,941 0% -17% $450,000

Chicago-Naperville-Joliet, IL-IN-WI

184,097 4% 31% $190,000

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

91,845 3% 22% $205,000

Miami-Fort Lauderdale-Pompano Beach, FL

172,370 1% 12% $150,000

Washington-Arlington-Alexandria, DC-VA-MD-WV

104,417 0% 13% $365,000

Atlanta-Sandy Springs-Marietta,GA

147,182 3% 1% $146,500

Boston-Cambridge-Quincy, MA-NH

39,304 0% 16%

Detroit-Warren-Livonia, MI 141,786 8% 19% $100,000

San Francisco-Oakland- 68,597 0% -18% $564,750


7/15

Fremont, CA

Riverside-San Bernardino-Ontario, CA

87,509 1% -11% $225,000

Phoenix-Mesa-Scottsdale, AZ 137,385 0% -14% $175,000

Seattle-Tacoma-Bellevue, WA 67,311 2% 5% $290,550

Minneapolis-St. Paul-Bloomington, MN-WI 9,793

5%

56%

$196,800

San Diego-Carlsbad-SanMarcos, CA

50,321 0% -17% $410,000

Tampa-St. Petersburg-Clearwater, FL

86,662 1% 17% $112,225

Baltimore-Towson, MD 48,130 1% 21% $235,000

Denver-Aurora, CO 75,342 2% 5% $247,000

Pittsburgh, PA 34,910 2% 14% $121,350

Portland-Vancouver-Beaverton,OR-WA

44,969 0% -1% $254,700

Sacramento--Arden-Arcade--

Roseville, CA

47,990 0% -13% $260,000

Cincinnati-Middletown, OH-KY-IN

39,190 1% 14% $112,000

Orlando-Kissimmee, FL 68,883 0% 22% $135,900

Cleveland-Elyria-Mentor, OH 43,257 2% 19% $94,000

Las Vegas-Paradise, NV 68,484 1% -8% $155,000

Columbus, OH 39,331 4% 18% $140,000

San Jose-Sunnyvale-SantaClara, CA

25,205 0% -27% $630,000

Charlotte-Gastonia-Concord,NC-SC

46,534 4% 24% $153,307

Virginia Beach-Norfolk-NewportNews, VA-NC 24,450

3% 29% $207,000

Providence-New Bedford-FallRiver, RI-MA

13,264 0% 9%

Nashville-Davidson--Murfreesboro--Franklin, TN

36,233 2% 10% $156,500

Milwaukee-Waukesha-WestAllis, WI

26,783 3% 22% $161,253

Jacksonville, FL 3,518 -11% -6% $129,300

Memphis, TN-MS-AR 19,469 1% 9% $109,000

Louisville/Jefferson County, KY-IN

24,261 3% 80% $150,000

Richmond, VA

1,801

-24%

18%

$193,250

Oklahoma City, OK 2,963 -11% 3% $132,000

Hartford-West Hartford-EastHartford, CT

9,069 1% 9%

Buffalo-Niagara Falls, NY 8,343 0% -28% $109,000

Birmingham-Hoover, AL 11,157 2% 50%

Raleigh-Cary, NC 25,581 1% 4% $184,500Rochester, NY 14,548 -1% 12% $125,000


8/15

Tucson, AZ 22,880 5% -6% $144,957

Honolulu, HI 14,702 1% 9% $382,500

Tulsa, OK 20,210 3% 12% $127,500

Fresno, CA 13,754 -1% -16% $172,500Bridgeport-Stamford-Norwalk,

CT7,202 1% 17%

Albany-Schenectady-Troy, NY 986 -25% 8% $195,000

New Haven-Milford, CT 438 -22% -17%

Omaha-Council Bluffs, NE-IA 2,335 -28% -5% $136,000

Insufficient data available for blank cells

Residential Sales Types by State September 2013

StateInstitutional InvestorPercent of Sales

All-Cash Percentof Sales

Short Sales Percentof Sales

REOSales

U.S. Total

14%

49%

15%

10%

Alabama 5% 53% 17% 9%

Alaska 4% 24% 1% 5%

Arizona 16% 49% 17% 16%

Arkansas 7% 38% 15% 7%

California 7% 36% 16% 13%Colorado 7% 31% 14% 10%

Connecticut 3% 38% 0% 4%

Delaware 12% 4%

District ofColumbia

3% 23% 10% 2%

Florida 12% 65% 30% 10%

Georgia 25% 54% 13% 14%Hawaii 5% 46% 1% 1%

Idaho 11% 45% 4% 7%

Illinois 14% 50% 20% 14%

Indiana 6% 27% 3% 7%

Iowa 6% 35% 10% 6%

Kansas 7% 10% 0% 2%

Kentucky 7% 55% 8% 3%Louisiana 7% 46% 12% 7%

Maine 2% 0% 1%

Maryland 4% 35% 22% 4%

Massachusetts 2% 32% 0% 5%Michigan 15%

Minnesota 8% 37% 9%

Mississippi 8% 21% 3% 4%

Missouri 17% 48% 5% 8%Montana 4% 29% 0% 2%

Nebraska 6% 29% 18% 4%

Nevada 25% 60% 32% 19%


9/15

New Hampshire 2% 27% 0% 5%

New Jersey 3% 48% 13% 3%

New Mexico 10% 48% 1% 9%

New York 2% 6% 1%North Carolina 11% 50% 17% 8%

North Dakota 7% 26% 4% 2%

Ohio 7% 53% 26% 18%

Oklahoma 5% 42% 11% 3%

Oregon 5% 35% 13% 5%

Pennsylvania 5% 42% 12% 5%

Rhode Island 1% 44% 2% 5%

South Carolina 11% 53% 14% 6%South Dakota

Tennessee 9% 48% 21% 9%

Texas 13% 41% 4% 6%

Utah 7% 38% 4% 6%

Vermont 5% 1% 2%

Virginia 7% 31% 19% 6%

Washington 7% 34% 19% 7%

West Virginia 5% 47% 5% 2%Wisconsin 6% 36% 10% 6%

Wyoming 3% 31% 4% 5%

Insufficient data available for states not included in the table and blank

cells

Residential Sales Types by Metro Area September 2013

Metro InstitutionalInvestor Pctof Sales

All-Cash Pctof Sales

Short SalesPercent ofSales

New York-Northern New Jersey-Long Island,NY-NJ-PA

2% 9

Los Angeles-Long Beach-Santa Ana, CA 6% 34% 12

Chicago-Naperville-Joliet, IL-IN-WI 13% 49% 20

Dallas-Fort Worth-Arlington, TX 15% 40% 5

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

9% 43% 15

Houston-Sugar Land-Baytown, TX 13% 39% 4

Miami-Fort Lauderdale-Pompano Beach, FL 11% 69% 32

Washington-Arlington-Alexandria, DC-VA-MD-WV

3% 25% 18

Atlanta-Sandy Springs-Marietta, GA 29% 54% 14

Boston-Cambridge-Quincy, MA-NH 2% 26% 0

Detroit-Warren-Livonia, MI

San Francisco-Oakland-Fremont, CA 3% 31% 12

Riverside-San Bernardino-Ontario, CA 11% 40% 22

Phoenix-Mesa-Scottsdale, AZ 14% 44% 18


10/15

Seattle-Tacoma-Bellevue, WA 8% 34% 20

Minneapolis-St. Paul-Bloomington, MN-WI 8% 37% 9

San Diego-Carlsbad-San Marcos, CA 6% 33% 15

St. Louis, MO-IL 25% 50% 7

Tampa-St. Petersburg-Clearwater, FL 11% 62% 33

Baltimore-Towson, MD 5% 38% 24

Denver-Aurora, CO 6% 26% 12

Pittsburgh, PA 4% 40% 7

Portland-Vancouver-Beaverton, OR-WA 4% 29% 13

Sacramento--Arden-Arcade--Roseville, CA 7% 35% 20

Cincinnati-Middletown, OH-KY-IN 9% 48% 24

Orlando-Kissimmee, FL 11% 59% 31

San Antonio, TX 15% 45% 4

Cleveland-Elyria-Mentor, OH 8% 51% 26

Kansas City, MO-KS 14% 5

Las Vegas-Paradise, NV 27% 62% 34

Columbus, OH 7% 45% 33

San Jose-Sunnyvale-Santa Clara, CA 5% 27% 7

Indianapolis-Carmel, IN 8% 18% 2

Charlotte-Gastonia-Concord, NC-SC 17% 49% 19

Austin-Round Rock, TX 7% 35% 2

Virginia Beach-Norfolk-Newport News, VA-NC 6% 34% 29

Providence-New Bedford-Fall River, RI-MA 1% 41% 1

Nashville-Davidson--Murfreesboro--Franklin,TN

10% 42% 19

Milwaukee-Waukesha-West Allis, WI 4% 40% 16

Jacksonville, FL 23% 62% 24

Memphis, TN-MS-AR 16% 51% 32

Louisville/Jefferson County, KY-IN 5% 33% 4Richmond, VA 15% 42% 17

Oklahoma City, OK 7% 40% 11

Hartford-West Hartford-East Hartford, CT 1% 36% 0

New Orleans-Metairie-Kenner, LA 4% 50% 13

Buffalo-Niagara Falls, NY 1% 12

Birmingham-Hoover, AL 4% 35% 16

Salt Lake City, UT 9% 43% 3

Raleigh-Cary, NC 11% 44% 18

Rochester, NY 4% 6

Insufficient data available for blank cells

Report License

The RealtyTrac U.S. Residential & Foreclosure Sales report is the

result of a proprietary evaluation of information compiled by

RealtyTrac; the report and any of the information in whole or in part

can only be quoted, copied, published, re-published, distributed

and/or re-distributed or used in any manner if the user specifically

references RealtyTrac as the source for said report and/or any of the


11/15

information set forth within the report.

Data Licensing and Custom Report Order

Investors, businesses and government institutions can contactRealtyTrac to license bulk foreclosure and neighborhood data or

purchase customized reports. For more information contact our DataLicensing Department at 800.462.5193 or [email protected].

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. realestate data, with more than 1.5 million active default, foreclosureauction and bank-owned properties, and more than 1 million activefor-sale listings on its website, which also provides essential housinginformation for more than 100 million homes nationwide. Thisinformation includes property characteristics, tax assessor records,bankruptcy status and sales history, along with 20 categories of keyhousing-related facts provided by RealtyTracs wholly-ownedsubsidiary, Homefacts. RealtyTracs foreclosure reports and otherhousing data are relied on by the Federal Reserve, U.S. TreasuryDepartment, HUD, numerous state housing and banking departments,investment funds as well as millions of real estate professionals andconsumers, to help evaluate housing trends and make informeddecisions about real estate.

Media Contacts:

Jennifer von Pohlmann

949.502.8300, ext. [email protected]

Brittney Marin949.502.8300, ext. [email protected]

Data and Report Licensing:

[email protected]


12/15


13/15


14/15


15/15

Documents

US Residential and Foreclosure Sales Report.pdf