October Las Vegas Home Sale Press Release

Las Vegas Region October Home Sales

The number of homes sold in the Las Vegas area fell below a year earlier for the fifth consecutive month in October as sub-$100,000 transactions continued to decline sharply and foreclosure resales dropped to the lowest level in more than five years. The median sale price held steady compared with September but rose year-over-year for the seventh consecutive month, a real estate information service reported.

In October, 4,570 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 11.7 percent from the month before and down 0.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The region's sales typically fall slightly between September and October. On average, sales have declined 1.7 percent between those two months since 1994, when DataQuick’s complete Las Vegas area statistics begin. It's likely that this October's sales benefitted from three extra business days on which transactions could close when compared with September, which began and ended with a weekend.

This October's total sales were 0.5 percent above the average number of homes sold during all months of October since 1994. Resales of houses and condos combined were 27.6 percent above average for the month of October, while sales of newly built homes were 52.5 percent below average for the month. However, new-home sales have been on the rise, and increased nearly 55 percent in October compared with the same month last year.

In the overall market in October, sales of mid- to higher-cost homes continued to jump year-over-year, while low-end sales continued to fall. The total number of homes that sold for less than $100,000 fell 34.2 percent in October compared with a year earlier. Transactions below $200,000 declined 8.9 percent year-over-year, while the number of homes that sold above $300,000 rose 46.5 percent. The number of $500,000-plus sales rose 27.3 percent year-over-year. (The over-$500,000 market only accounts for about 2 percent of total sales).

Affordability-driven demand has been robust in the lower-priced markets, with first-time buyers, investors and some vacation-home buyers whittling down the available supply, thereby restricting the sales volume. Why aren't more people listing their homes for sale? Many who would like to sell can’t because they still owe more than their homes are worth. Other potential sellers are holding off on a move-up purchase because of uncertainty over jobs or the economy, or because they’re waiting for higher prices.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in October was $137,000, which ties the September median as the highest since the median was $139,000 in June 2010. The October median was up 19.2 percent from a year earlier, compared with year-over-year gains of 19.1 percent in September, 18.2 percent in August, 12.1 percent in July, 8.7 percent in June, 4.3 percent in May, and 1.7 percent in April. Prior to April this year, the Las Vegas region median price fell year-over-year for 18 consecutive months.

The recent sharp gains in the median sale price are at least in part a reflection of the substantial drop in the share of all resales that were foreclosed properties, which tend to carry significant discounts and be concentrated in lower-cost areas. The rise in mid-to high-end deals also helps push up the overall median. Included in the latter trend is the increase in sales of newly built homes, which on average are more expensive than resale homes. In October, new homes accounted for 16.0 percent of all sales, up from 10.3 percent a year earlier.

The October median sale price remained 56.1 percent below the November 2006 peak of $312,000. The median has been rising off a cyclical low point of $110,000 this January – the lowest level since the median was also $110,000 in April 1994.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – rose to $75 in October. That was up 2.7 percent from September and up 13.6 percent from a year earlier, marking the fifth consecutive month with a year-over-year gain. (This January’s $64 median per square foot was the lowest since at least 1994.) The October figure was 60.6 percent lower than the peak $190 paid per square foot in May and June 2006.

The market impact of foreclosure resales continued to wane in October, while short sales claimed a larger share of the resale market.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 16.7 percent of Las Vegas resale activity in October – the lowest level since August 2007, when it was 14.6 percent. October's figure was down from 19.1 percent the month before and 52.8 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 43.2 percent of the Las Vegas-area resale market (houses and condos) in October. That compares with an estimated 42.5 percent the prior month and 23.4 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past four months.

In the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County has plummeted. However, this October saw a spike from very low levels the month before and a year earlier. In October, lenders filed NODs on 1,939 single-family houses and condo units, up 51.7 percent from the prior month and up 129.3 percent from a year earlier. Between January and October this year, lenders filed 14,282 NODs, down 65.7 percent from the same period last year. The notice of default is the first step in the formal foreclosure process.

October foreclosures also spiked month-to-month. Lenders foreclosed on 1,062 single-family homes and condo units in the Las Vegas region in October, up 59.0 percent from the month before and down 45.0 percent from a year earlier. Between January and October this year, lenders foreclosed on 11,751 homes, down 59.6 percent from the same period last year.

Many of these distressed homes are purchased by investors, whose activity remains near record levels.

Absentee buyers – mainly investors and vacation-home buyers – purchased 50.2 percent of all homes sold in the Las Vegas area in October. That was up from 48.5 percent the month before and up from 46.6 percent a year earlier. The peak was 51.2 percent this March. Absentee buyers paid a median $114,000 in October, up from $112,500 the prior month and up 26.7 percent from $90,000 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

Cash buyers purchased 52.5 percent of the Las Vegas-area homes that sold in October. That was up from a cash-buyer share of 52.4 percent of total sales the month before and up from 49.3 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Cash buyers paid a median $109,950 in October, up from $106,500 the prior month and up 30.9 percent from $84,000 a year earlier.

Home flipping has risen in recent months and has returned to levels not seen since the housing boom. In October, 6.6 percent of all homes sold on the open market had previously sold within a six-month period. That's up from a revised flipping rate of 6.5 percent the month before and 3.2 percent a year earlier. The October flipping rate of 6.6 percent (the same as in August this year), is the highest since it was 7.1 percent in January 2005.

Meanwhile, a form of low-down-payment financing that’s popular with first-time home buyers – government-insured FHA loans – accounted for 36.1 percent of all home purchase loans in October. That was up slightly from 35.2 percent the prior month and down from 38.2 percent a year earlier. In recent months the FHA share has hovered a bit above or below 35 percent of purchase loans, which is the lowest level since early 2008. The current housing cycle’s peak for FHA use was 55.1 percent of all purchase loans in September 2008.

To view the October Las Vegas home sale chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Copyright 2012 DataQuick. All rights reserved.

September California Home Sale Press Release

California October Home Sales

November 14, 2012

An estimated 39,254 new and resale houses and condos sold statewide last month, up 15.4 percent from 34,011 in September, and up 15.2 percent from 34,087 sales in October 2011, according to San Diego-based DataQuick.

October sales in California have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003. Last month’s sales were 9.5 percent below the average of 43,357 sales for all months of October since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $285,000, down 0.7 percent from $287,000 in September and up 18.8 percent from $240,000 in October 2011. October marked the eighth consecutive month in which the state's median sale price rose year-over-year. This September’s $287,000 median was the highest since August 2008, when it was $301,000. Last month’s median was the second-highest for any month since then.

For the current cycle, the median sale price hit bottom at $221,000 in April 2009, while it peaked at $484,000 in early 2007.

Of the existing homes sold in October, 17.4 percent were properties that had been foreclosed on during the past year. That was down from a revised 18.0 percent in September and down from 34.0 percent a year earlier. Last month's figure was the lowest for any month since foreclosure resales made up 16.0 percent of the resale market in October 2007. Foreclosure resales peaked at 58.5 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 26.0 percent of the homes that resold last month. That was down from an estimated 27.1 percent the month before and up from 24.9 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,009. That was down from $1,027 in September and up from $924 a year earlier. Adjusted for inflation, last month's typical payment was 56.0 percent below the 1989 peak of the prior real estate cycle, and 64.4 percent below the 2006 peak of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but has been trending downward and is well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high, DataQuick reported.

Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

September Bay Area Press Release

Bay Area Home Sales and Prices Up

November 14, 2012

La Jolla, CA.--The number of homes sold in the Bay Area increased on a year-over-year basis for the sixteenth month in a row in October while the median price paid rose for the sixth month, the result of a gradual rebalancing of the real estate market. Mortgage availability remains an issue, a real estate information service reported.

A total of 7,795 new and resale homes were sold in the nine-county Bay Area last month. That was up 13.8 percent from 6,850 in September, and up 21.0 percent from 6,444 for October 2011, according to San Diego-based DataQuick.

Sales for the month of October have varied from 5,486 in 2007 to 13,392 in 2003, while the average for all months of October since 1988, when DataQuick’s statistics start, is 8,587.

Last month sales continued to fall below year-ago levels in the lower price categories and rise sharply in the middle and high end of the market. October transactions below $300,000 fell 15.2 percent compared with a year earlier, while sales in the $400,000 to $800,000 range rose 25.7 percent, and deals above $800,000 jumped 47.1 percent from last October.

The median price paid for a home in the Bay Area was $416,000 last month. That was down 3.0 percent from $429,000 in September and up 18.9 percent from $350,000 in October a year ago. The year-over-year percentage increase was the highest since May 2010, when the $410,000 median rose 20.1 percent.

The median’s low point of the current real estate cycle was $290,000 in March 2009. The peak was $665,000 in June/July 2007. Around half of the median’s peak-to-trough drop, as well as half the median’s current year-over-year increase, was the result of a shift in the sales mix.

“We’re still watching the market regain the ground it lost after 2007. It’s unclear exactly much of today’s apparent price increase reflects actual growth, and how much reflects a change in market characteristics. The two factors obviously play into each other. We’re definitely seeing less distress and foreclosure activity, and more mid- to up-market sales. Supply is limited, and getting through the mortgage process is still rough,” said John Walsh, DataQuick president.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up about 33 percent of the resale market. That was down from about 38 percent in September and down from about 63 percent in October 2011.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 12.0 percent of resales in October, down from a revised 14.1 percent in September, and down from 25.3 percent a year ago. Last month was the lowest since foreclosure resales were 10.1 percent in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.4 percent of Bay Area resales last month. That was down from an estimated 23.5 percent in September and down from 24.9 percent a year earlier.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 38.9 percent of last month’s purchase lending – the highest since November 2007, when it was 43.4 percent. Last month’s figure was up from a revised 34.7 percent in September, and up from 27.9 percent a year ago. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 11.8 percent of the Bay Area’s home purchase loans. That was up from a revised 11.5 percent in September, and down from 12.9 percent in October last year. Since 2000, ARMs have accounted for 49.1 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 15.5 percent of all Bay Area home purchase mortgages in October, up from 15.4 percent in September and down from 21.2 percent a year earlier. Over the last few months the FHA level has been the lowest since summer 2008.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 14.6 percent of the market, RPM Mortgage with 3.1 percent and Princeton Capital with 2.7 percent.

Last month absentee buyers – mostly investors – purchased 22.8 percent of all Bay Area homes, down from 22.9 percent in September, and up from 20.2 percent a year ago. Absentee buyers paid a median $302,000 in October, up 23.3 percent from a year ago.

Buyers who appear to have paid all cash – meaning no corresponding purchase loan was found in the public record – accounted for 29.1 percent of sales in October. That was up from 28.3 percent in September, and up from 28.5 percent a year ago. The monthly average going back to 1988 is 12.4 percent. Cash buyers paid a median $300,000 in October, up 20.0 percent from a year earlier.

San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,472. That was down from $1,535 in September, and up from $1,348 a year ago. Adjusted for inflation, last month’s payment was 47.9 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 61.5 percent below the current cycle's peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but well below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, please visit DQNews.com.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157
Copyright 2012 DataQuick. All rights reserved.

September SoCal Home Sale Press Release

Southland Home Sales, Median Price Rise Above Year Ago

November 13, 2012

La Jolla, CA---Southern California home sales rose sharply in October as move-up buyers joined investors, shifting the mix of homes selling up a notch as foreclosure resales hit a five-year low. The median price paid for a home rose nearly 17 percent from a year earlier, a real estate information service reported.

A total of 21,075 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 18.0 percent from 17,859 sales in September, and up 25.2 percent from 16,829 sales in October 2011, according to San Diego-based DataQuick.

Last month’s sales were the highest for the month of October since 22,132 homes sold in October 2009, though they were 11.1 percent below the October average of 23,709 since 1988, when DataQuick’s statistics begin. The low for October sales was 12,913 in 2007, while the high was 37,642 in 2003.

The median price paid for a home in the six-county Southland was $315,000 last month, the same as in September and up 16.7 percent from $270,000 in October 2011. The September and October medians are the highest since the median was $330,000 in August 2008. The Southland median has risen or held steady month-to-month for nine consecutive months and has increased year-over-year for the past seven months.

The median price and other price measures are rising mainly for two reasons: First, higher demand, triggered largely by ultra-low mortgage rates, has coincided with a dwindling supply of homes for sale, which pushes prices up. Second, this year there’s been a big change in the types of homes selling: Discounted foreclosures are a smaller share of sales, while move-up homes are a larger share, which puts upward pressure on the median price.

“Watching the market rebalance itself is fascinating. In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren’t for a lot of potential buyers,” said John Walsh, DataQuick president.

The Southland’s lower-cost areas continued to post the weakest sales compared with last year. The number of homes that sold below $200,000 fell 11.2 percent year-over-year, while sales below $300,000 dipped 0.3 percent. Sales in these more affordable markets have been hampered by the slowdown in foreclosure activity, which results in fewer foreclosed properties listed for sale, as well as the high percentage of homeowners who still owe more than their homes are worth, meaning they can’t sell and move on.

While inventory and sales have declined in many of these lower-cost areas, higher demand has pushed prices up. In October, price levels for the lowest-cost third of Southern California's housing stock rose 17.0 percent year-over-year, while they rose 6.2 percent in the middle and 8.1 percent in the top third.

Sales rose sharply in most mid- to-higher-cost markets in October. Sales between $300,000 and $800,000 – a range that would include many move-up buyers – jumped 41.5 percent year-over-year. October sales over $500,000 rose 55.2 percent year-over-year, while sales over $800,000 rose 52.4 percent compared with October 2011.

Last month 23.3 percent of all Southland sales were for $500,000 or more, down slightly from 23.9 percent in September, which was a four-year high, and up from 17.9 percent a year earlier.

Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 16.3 percent of the Southland resale market last month. That was down from 16.6 percent the month before and 32.8 percent a year earlier. Last month’s level was the lowest since it was 16.0 percent in October 2007. In the current cycle, the foreclosure resales hit a high of 56.7 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 26.0 percent of Southland resales last month. That was down slightly from an estimated 27.6 percent the month before and up from 25.4 percent a year earlier.

Credit conditions didn’t appear to change much in October, though the share of purchase loans that were “jumbo” hovered near a five-year high.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 21.1 percent of last month’s purchase lending, down a hair from 21.4 percent the prior month and up from 14.6 percent a year earlier. In recent months the jumbo share has been the highest since December 2007, when jumbos made up 21.7 percent of the purchase loan market. In the months leading up to the credit crunch that struck in August 2007, jumbos made up close to 40 percent of the market.

With interest rates on fixed 30-year loans so low, and aversion to risk in the marketplace so high, the use of adjustable-rate mortgages (ARMs) remains extraordinarily low in an historical context. Last month 6.0 percent of Southland home purchase loans were ARMs, compared with 5.8 percent in September and 6.9 percent a year earlier. Since 2000, a monthly average of about 33.1 percent of Southland purchase loans were ARMs.

The most active lenders to Southland home buyers last month were Wells Fargo with 8.4 percent of the market, IMortgage.com with 2.6 percent and Prospect Mortgage with 2.4 percent.

Investors continue to account for an unusually large share of all sales.

Absentee buyers – mostly investors and some second-home purchasers – bought a near-record 28.0 percent of the Southland homes sold last month. That was up from 27.7 percent the prior month and up from 25.4 percent a year earlier. The record was 29.9 percent in February this year, while the monthly average since 2000 is 17.6 percent. Last month’s absentee buyers paid a median $245,000, up 22.5 percent from a year earlier.

Buyers paying with cash accounted for a near-record 32.1 percent of October home sales, down insignificantly from 32.2 percent the month before and up from 30.0 percent a year earlier. Cash purchases peaked at 33.7 percent of all sales this February, and since 2000 the monthly average is 16.8 percent. Cash buyers paid a median $250,000 last month, up 21.1 percent from a year ago.

Home flipping edged higher again. Last month 6.1 percent of all homes sold had sold twice on the open market within a six-month period, up from 5.5 percent in September and 3.7 percent a year earlier.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, fell to a more-than-four-year low in terms of their share of all purchase lending. Last month FHA loans accounted for 25.2 percent of all purchase mortgages, down from 25.5 percent the month before and 31.9 percent a year earlier. The October FHA share was the lowest since July 2008, when it was 24.4 percent. The declining market share for FHA loans reflects tighter qualifying standards implemented in recent years as well as the difficulties first-time buyers are having competing with investors.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment Southland buyers committed themselves to paying last month was $1,115, down from $1,127 the month before and up from $1,040 a year earlier. Adjusted for inflation, last month’s typical payment was 53.1 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 61.6 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity, while above long-term averages, continues to drop and is far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, go to DQNews.com.

Source: DQNews.com Media calls: Andrew LePage (916) 456-7157

Copyright 2012 DataQuick. All rights reserved.

September Seattle Home Sale Press Release

Seattle Region September Home Sales

Seattle-area home sales rose above a year earlier for the 12th consecutive month in September, reaching the highest level for that month in five years. The median sale price rose year-over-year for the sixth consecutive month. The median has risen because of price hikes as well as a big shift in market mix, where activity in mid- to high-end neighborhoods has picked up at the same time foreclosure resales and sub-$200,000 deals have declined sharply, a real estate information service reported.

A total of 3,988 new and resale houses and condos closed escrow during September in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. September's total sales fell 19.2 percent from the month before and increased 6.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A dip in sales between August and September is normal, with that decline averaging 11.1 percent since 1994, when DataQuick's complete Seattle-area statistics begin.

The number of homes sold this September was the highest for that month since September 2007, when 4,577 homes sold. However, this September's sales total was still 21.8 percent below the average number of homes sold during the month of September since 1994.

The Seattle-area resale market - existing single-family houses and condos combined - posted a 5.2 percent sales gain from a year earlier, while sales of newly built homes logged a 12.2 percent increase. September sales of new Seattle-area houses and condos combined were the highest for that month in three years.

The year-over-year increase in total September sales was the result of more activity above $200,000. The number of homes that sold for less than $200,000 fell 15.5 percent from a year earlier. Sales above $200,000 rose 19.6 percent, while $300,000-plus sales rose 30.2 percent from a year ago. The number of homes that sold for more than $700,000 rose 22.1 percent year-over-year.

Buyers paid a median $294,480 for all new and resale houses and condos sold in the three-county Seattle area during September. That was up 1.5 percent from the prior month and up 13.5 percent from a year earlier. The median began rising on a year-over-year basis this April, following 20 consecutive months of year-over-year declines.

September's median was 19.4 percent lower than the Seattle area's peak $365,200 median in June 2007, and it was 23.7 percent higher than the post-peak trough of $238,000 in January this year.

Another key price measure, the median paid per square foot for resale single-family detached houses, held at $176 in September. That was the same as in June, July and August, and up 11.4 percent from a year earlier. The median paid per square foot has risen year-over-year for five consecutive months, following 20 straight months of year-over-year declines. The September figure was 26.4 percent lower than the peak $239 median paid per square foot in June 2007.

At the county level in September, the median price paid per square foot for resale detached houses rose to $223 in King County, up 7.7 percent year-over-year, while it increased to $117 in Pierce County, up 4.5 percent from a year ago. Snohomish County's median paid per square foot rose to $163, up 12.4 percent from a year earlier.

Distressed property sales - foreclosure resales and "short sales" combined - represented roughly 34 percent of the Seattle area's resale market in September, down from about 46 percent a year earlier.

Foreclosure resales - properties foreclosed on in the prior 12 months - represented 10.8 percent of the resale market in September. That was down from 29.1 percent a year earlier and it was the lowest level for any month since foreclosure resales were 10.4 percent of the resale market in October 2008.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 23.4 percent of the Seattle-area's September resales. That was up from an estimated 17.0 percent a year earlier.

In September, lenders foreclosed on 611 single-family houses and condo units in the Seattle region, down 41.0 percent from a year earlier. During the first nine months of this year, 5,010 homes were foreclosed on in the Seattle area, down 51.5 percent from the same period last year. The figures are based on the number of Trustees Deeds filed with county recorder offices.

Absentee buyers – mainly investors – accounted for 15.9 percent of the Seattle area's September home sales, down from 16.7 percent a year earlier. Absentee buyers paid a median $219,500 in September, up 12.6 percent from a year earlier. While many of these buyers are investors, they can include second-home buyers and others who indicated at the time of sale that the property tax bill would be sent to a different address.

Many investors are among the cash buyers, who accounted for 22.7 percent of September home sales, up from 19.9 percent a year earlier. Cash buyers paid a median $247,531 in September, up 18.5 percent year-over-year.

In September, 19.0 percent of Seattle-area purchase mortgages were government-insured FHA loans, a popular, low-down-payment choice among first-time home buyers. That was down from an FHA share of 23.5 percent of home purchase loans a year earlier, and the lowest since it was 19.0 percent in June 2008. The region's FHA level peaked for the current housing cycle at 39.9 percent in October 2009.

To view the Seattle chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2012 DataQuick. All rights reserved.

September Miami Home Sale Press Release

Miami Region September Home Sales

November 1, 2012

Miami-area home sales rose to the highest level for a September in six years as a big gain in the number of deals over $300,000 compensated for a decline in activity in the lower price ranges. The median sale price rose above a year earlier for the ninth consecutive month, a real estate information service reported.

In September, 8,969 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was down 10.9 percent from the prior month and up 4.9 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

Typically Miami-area sales dip between August and September, with that decline averaging 10.3 percent since 1997, when DataQuick's complete Miami-area statistics begin. Sales have risen year-over-year for five consecutive months.

Between January and September this year, the region's home sales totaled 83,872, up 2.7 percent from the same period last year. Sales of newly built homes during the first nine months of this year fell 7.0 percent from the same period last year, while they inched up 0.2 percent for resale condos and increased 6.8 percent for resale houses.

Total sales for the month of September fell 14.7 percent short of the average number of sales for that month since 1997. The number of existing (not new) houses and condos that closed escrow in September was 1.9 percent below the historical average for the month, though condo resales were 21.2 percent above average. New-home sales fell nearly 74 percent short of the September average.

When viewed by price segment, the Miami area's September sales dropped 14 percent year-over-year for homes priced below $100,000, and dipped 2.5 percent for homes below $200,000. Sales between $200,000 and $600,000 posted a nearly 19 percent annual gain in September, while the number of homes that sold above $800,000 rose 21 percent from the same month last year.

In the Miami region's multi-million-dollar luxury market, 68 homes sold for $2 million or more in September, down 25.3 percent from the month before and up 21.4 percent from one year earlier. Luxury sales can vacillate month-to-month. So far this year, luxury sales are up: Between January and September, 748 homes sold for $2 million or more, up 18.0 percent from the same period in 2011. The figures are based on public property records, where either a price or loan amount was available.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in September was $150,000. That was up 2.7 percent from August and up 15.4 percent from a year earlier After hitting a two-year high of $150,000 in June, the Miami median dipped to $148,000 in July and $146,000 in August.

Prior to January this year, the region's median hadn't risen year-over-year since September 2007.

The September median was 25.0 percent higher than the current housing cycle's post-peak trough of $120,000 in January and February of 2011, but it was still 48.3 percent lower than the Miami area's peak $290,000 median in June 2007.

The region's resale condo median rose 23.5 percent year-over-year in September, marking the twelfth consecutive month in which that price measure posted an annual gain. The median price paid for resale single-family detached houses rose 11.5 percent in September - the eighth month in a row with a year-over-year increase.

Another key price gauge analysts watch, the median price paid per square foot for resale single-family detached houses, continued to rise in each of the area's three counties in September.

The median paid per square foot rose to $107 in Broward County, up 7.6 year-over-year. It was the ninth consecutive month with an annual gain. The median paid per square foot was $104 in Miami-Dade County, up 7.3 percent from a year earlier, marking the tenth consecutive month to post an annual gain. Palm Beach County's median paid per square foot was $105 in September, up 12.2 percent from a year earlier, marking the seventh consecutive month with an annual gain.

For the overall region, the median price paid per square foot for resale condos in September rose to $95, up 3.3 percent from the month before and up 22.5 percent from a year earlier. The figure has risen year-over-year for twelve consecutive months and in September it was the highest since February 2009, when it was $96. Still, September's level was nearly 55 percent below the April 2006 peak of $211 per square foot.

Other Miami region September highlights:

•Absentee buyers purchased 40.6 percent of all homes sold in the Miami area in September, down from 40.7 percent the month before and up from 38.1 percent a year earlier. The peak for absentee purchases was 42.6 percent in February this year. (Absentee statistics go back to January 2000). Absentee buyers paid a median $112,000 for all new and resale houses and condos that they purchased in September, up from $104,000 the month before and up 24.4 percent from $90,000 a year earlier. Absentee buyers are investors, second-home buyers and others who indicate at the time of sale that the property tax bill will be sent to a different address.
•About 25 percent of the homes sold to absentee buyers in September were purchased by people based outside of the Miami region. U.S. buyers from outside of Florida bought 9 percent of all the homes sold in the Miami region in September. The top states for these absentee buyers were New York (3 percent of total sales and 8.3 percent of all absentee buyers) and New Jersey (1.2 percent of total sales and 3.4 percent of absentee purchases).
•Buyers who had a foreign mailing addresses in the public record accounted for 2.6 percent of all Miami-area home sales in September, and 4.3 percent of the region's existing condo sales. (Note: Not all foreign buyers use a foreign mailing address, hence cannot be tracked with public records.)
•Cash buyers purchased 62.0 percent of the Miami-area homes sold in September. That was about the same as both the month before and a year earlier. The peak was 68.7 percent in February this year. September's cash buyers paid a median $112,500, up from $106,200 the prior month and up 25 percent from $90,000 a year earlier. Cash deals are where there was no indication in the public record of a purchase loan recorded at the time of sale.
•Use of a form of low-down-payment financing popular with first-time homebuyers - government-insured FHA loans - fell to 30.9 percent of all home purchase loans in September. It was the lowest FHA level since September 2008, when it was 28.9 percent. September's FHA level was down from 31.4 percent the month before and down from 39.6 percent a year earlier.

To view the home sale chart, go to DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

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