RealtyTrac, a source for comprehensive housing data, released its July 2015 U.S. Home Sales Report, which shows sales of properties in foreclosure and cash sales were down from a year ago to multi-year lows, while year-to-date U.S. home sales in 2015 are at an eight-year high, and the U.S. median home price in July was at an 82-month high.
Interest rates, first-time buyers contributed to Q2 success, says Daren Blomquist
The sale of properties sold while in the foreclosure process (not including bank-owned properties) accounted for 6.4 percent of all single family and condo sales in July, down from 6.6 percent of all sales in June and down from 8 percent in July 2014 to the lowest monthly share since January 2000 — the earliest that data is available.
All-cash buyers accounted for 22.6 percent of all single-family home and condo sales in July, down from 23.7 percent of all sales in the previous month and down from 26.5 percent of all sales in July 2014 to the lowest percentage of cash sales in a month since July 2008 – a 7-year low, and down from the most recent peak of 39 percent in February 2013 (highest going back as far as RealtyTrac has national data, January 2000).
A total of 1,344,129 single family homes and condos sold in the first six months of 2015, according to public record sales deeds collected by RealtyTrac, the highest number of sales in the first half of any year since 2007.
The U.S. median home sales price in July was $189,500, up 2 percent from the previous month and up 2 percent from a year ago to the highest level since September 2008.
“While the stock market may be on a roller coaster as of late, the housing market is still on solid ground, with the eight-year low in cash sales combined with the eight-year high in overall sales volume in the first half of the year evidence that housing is successfully transitioning from an investor-driven recovery to one that is drawing in traditional buyers as a good foundation for sustainable growth going forward,” RealtyTrac Vice President Daren Blomquist said. “That’s not to say there are no cracks in the foundation of this recovery, the top three of which are housing affordability — or lack thereof in some high-flying markets — along with overdependence on capricious cash buyers — both foreign and domestic — in some markets, and the persistent overhang of underwater homeowners who continue to represent heightened default risk given any future economic shockwaves.”
Out of 161 markets analyzed for home sales prices (excluding non-disclosure states), 10 metros (6 percent) reached new home price peaks in July, and 20 percent of the 161 metro areas analyzed have hit new home price peaks in 2014 or 2015.
For more information, visit RealtyTrac.com.