Monday, December 30, 2013

November Las Vegas Home Sales Press Release

Las Vegas Region November Home Sales


Las Vegas-area home sales fell last month to the lowest level for a November in five years, the result of a constrained supply of homes for sale, waning affordability and the ongoing decline in investor purchases. The median sale price dipped slightly month-to-month but was still 26 percent higher than a year earlier, marking the 20th consecutive month with a year-over-year gain, a real estate information service reported.

In November, 3,539 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) . That was down 15.4 percent from the month before and down 14.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between October and November have fallen 3.9 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin.

Total November home sales were the lowest for that month since November 2008, when 3,325 sold, and were 18.9 percent below the average number sold during all months of November since 1994. However, resales of houses and condos combined were 5.1 percent above average for the month of November, while sales of newly built homes were 62.0 percent below the November average.

The 48,203 homes sold in the region between January and November this year is 1.8 percent lower than the sales tally during the same period last year. Home sales have been limited this year by the thin supply of homes on the market, especially in the lower price ranges. Many owners in affordable neighborhoods still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

In November, sales of homes priced below $100,000 dropped 54.1 percent compared with a year earlier, while sub-$200,000 transactions fell 32.9 percent year-over-year. The number of homes that sold for $200,000 or more shot up 31.7 percent year-over-year. November sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 32.7 percent from a year earlier, while the number selling for $500,000 or more rose 20.8 percent ($500,000-plus sales represented only about 3.5 percent of November sales).

Las Vegas region buyers paid a median $179,000 for all new and resale houses and condos sold in November, down 0.6 percent from $180,000 in October and up 25.6 percent from $142,500 a year earlier. October’s $180,000 median is the highest so far this year and is the highest for any month since November 2008, when the median was $190,000.

The median sale price’s year-over-year gains over the past 20 consecutive months ranged from 1.7 percent to 35.3 percent. These annual gains have been double-digit for the last 17 months and above 20 percent for the last 13 months. However, November’s $179,000 median was still 42.6 percent below the region’s peak $312,000 median in November 2006.

The run-up in home prices over the last year varies depending on price segment. In November, the lowest-cost third of the region’s housing stock saw a 40.4 percent year-over-year gain in the median price paid per square foot for resale single-family detached houses. The annual increase was 28.5 percent for the middle third of the market and 23.1 percent for the top, most-expensive third.

The pressure that investors have been putting on the Las Vegas housing market continued to ease last month. Absentee buyers, which would include investors and some vacation-home buyers, purchased 42.4 percent of the homes sold in November. That was down from 43.1 percent the month before and 48.7 percent a year earlier. November's absentee share was the lowest since June 2010, when it was 37.5 percent. It was still above the monthly average of 35.4 percent since January 2000.

In November, 88 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was down about 26 percent from 119 multi-home buyers during November 2012, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In November this year, multi-home buyers purchased 387 homes in the Las Vegas area, which amounts to about 11 percent of all homes sold and represents a 3.5 percent decline from the number of properties that multi-home buyers purchased in November 2012. There were 15 buyers in November 2013 that each purchased five or more homes, but only seven bought 10 or more. Combined, the seven buyers who purchased 10 or more homes in November 2013 acquired 159 properties, or about 41 percent of all homes bought by multi-home buyers.

For more Las Vegas November home stats, please visit DQNews.com.

Tuesday, December 17, 2013

November California Home Sale Press Release

California November Home Sales


December 17, 2013

An estimated 33,429 new and resale houses and condos sold statewide last month. That was down 8.3 percent from 36,468 in October, and down 10.8 percent from 37,481 sales in November 2012, according to San Diego-based DataQuick.

November sales have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month's sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988, when DataQuick's statistics begin. California sales haven’t been above average for any particular month in more than seven years.

The median price paid for a home in California last month was $360,000, up 0.8 percent from $357,000 in October and up 23.7 percent from $291,000 in November 2012. Last month was the 21st consecutive month in which the state's median sale price rose year-over-year, and the 12th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.7 percent in October and down from 16.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 12.3 percent of the homes that resold last month. That was down from an estimated 12.4 percent the month before and 26.2 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month's payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle's peak in June 2006. It was 54.5 percent above the February 2012 bottom 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 decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

November Bay Area Home Sale Press Release

Bay Area Home Sales Slow, Prices Continue to Rise


December 17, 2013

La Jolla, CA.--Bay Area home sales dipped again in November, constrained by supply and market uncertainty amid mixed economic news. Prices continued their year-and-a-half-long upward march. Purchase and mortgage patterns are moving slowly but steadily toward long-term norms, a real estate information service reported.

A total of 6,659 new and resale houses and condos sold in the nine-county Bay Area in November. That was down 12.3 percent from 7,595 in October and down 10.9 percent from 7,474 in November last year, according to San Diego-based DataQuick.

Last month’s sales tally was 15.1 percent below the November average of 7,840 since 1988, when DataQuick’s statistics begin. Bay Area sales haven’t been above average for any particular month in more than seven years. The most active November was in 2004 when 11,906 homes sold, while the least active was in 2007 with 5,127 sales.

The median price paid for a home in the Bay Area last month was $550,000. That was 1.9 percent higher than $539,750 in October, and 25.6 percent above $438,000 in November 2012.

The Bay Area median peaked at $665,000 in June and July 2007, then dropped to a low of $290,000 in March 2009. While much of the median's ups and downs can be attributed to shifts in the types of homes sold, it appears that most of the current year-over-year increase in the median reflects an actual rise in home values.

“Up until half a year ago, the greater Bay Area market was basically bouncing up off bottom. Beginning last summer, the market started incrementally rebalancing, trending toward normalcy, as it were. Not just sales and prices: There has been a serious drop in distress sales, cash sales, absentee buyer sales. Mortgage financing patterns are still far from normal, but are moving in the right direction,” said John Walsh, DataQuick president.

The number of Bay Area homes that sold for less than $500,000 last month dropped 32.5 percent year-over-year, while the number that sold for more increased 8.2 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 12.8 percent of the resale market. That was down from 13.1 percent in October and down from 35.7 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 3.7 percent of resales in November, the same as the month before, and down from 12.5 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 9.1 percent of Bay Area resales last month - the lowest since it was 9.0 percent in August 2008. Last month's figure was down from an estimated 9.5 percent in October and down from 23.2 percent a year earlier.

Bay Area home buyers put $1.8 billion of their own money on the table last month in the form of a down payment or as an outright cash purchase. That number hit an all-time high of $2.6 billion in May this year. Home buyers borrowed $2.7 billion in mortgage money from lenders last month.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 50.1 percent of last month’s purchase lending, up from a revised 47.7 percent in October, and up from 40.3 percent a year ago. Jumbo usage dropped to as low as 17.1 percent in January 2009.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 20.1 percent of the Bay Area’s home purchase loans in November. That was down from 20.5 percent in October, and up from 12.0 percent in November last year. Since 2000, ARMs have accounted for 47.4 percent of all purchase loans. ARMs hit a low of 3.0 percent of purchase loans in January 2009.

Government-insured FHA home purchase loans, a popular low-down-payment choice among first-time buyers, accounted for 10.2 percent of all Bay Area home purchase mortgages in November. That was down from 10.4 percent in October and down from 14.7 percent a year earlier.

Last month absentee buyers – mostly investors – purchased 19.8 percent of all Bay Area homes, marking the first time it was below 20 percent since November 2010, when it was 19.1 percent. November’s absentee level was down from a revised 20.2 percent in October, and down from 25.0 percent in November last year. Absentee buyers paid a median $437,000 last month, up 36.6 percent year-over-year.

Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for 22.0 percent of sales in November. That was down from a revised 23.9 percent in October and down from 28.6 percent a year earlier. The monthly average going back to 1988 is 13.3 percent. Cash buyers paid a median $450,000 in November, up 36.4 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 $2,167. Adjusted for inflation, last month’s payment was 24.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 43.9 percent below the current cycle's peak in July 2007. It was 71.8 percent above the February 2012 bottom of the current cycle.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and 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, please visit DQNews.com.


Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157
Copyright 2013 DataQuick. All rights reserved.

Monday, December 16, 2013

November SoCal Home Sale Press Release

Southland Home Sales Drop; Median Sale Price Edges Sideways - Again


December 16, 2013

Southern California’s housing market downshifted last month, with sales falling well below a year earlier as investor activity waned again and buyers continued to struggle with higher prices and a thin supply of homes for sale. The median sale price held nearly steady for the sixth consecutive month, though it was still almost 20 percent higher than a year ago, a real estate information service reported.

A total of 17,283 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 14.2 percent from 20,150 sales in October, and down 10.4 percent from 19,285 sales in November 2012, according to San Diego-based DataQuick.

On average, Southland sales have declined 7.6 percent between October and November since 1988, when DataQuick’s statistics begin.

Last month’s sales were 19.8 percent below the average number of sales – 21,559 – in the month of November. Southland sales haven’t been above average for any particular month in more than seven years. November sales have ranged from a low of 13,173 in November 2007 to high of 31,987 in November 1988.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $385,000, up 0.3 percent from $383,750 in October and up 19.9 percent from $321,000 in November 2012. Last month’s $385,000 median price ties June, July and August as the highest for this year. The last time the median was higher than $385,000 was in February 2008, when it was $408,000 (the median was $385,000 in March and April of 2008).

The median sale price has risen on a year-over-year basis for 20 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 16 months. November’s 19.9 percent year-over-year gain is the lowest since the median rose 19.6 percent last December.

The November median was 23.8 percent below the peak $505,000 median in spring/summer 2007.

“November sales were pretty underwhelming. The exact cause is tough to pinpoint, but we see likely culprits: The inventory of homes for sale still falls short of demand. Also, any pullback in home buying during the early-October fiasco in Washington D.C. would have undermined November closings, and we know investor and cash buying continued to drop,” said John Walsh, DataQuick president.

“Meanwhile, home prices aren’t soaring anymore but they’re also proving to be sticky,” Walsh said. “The price jumps we saw earlier this year were driven in large part by the supply-demand mismatch. This spring could bring a substantial surge in inventory as more homeowners look to cash in on higher values. If that happens it’s going to make big price jumps less likely.”

It appears that almost all of last month’s 19.9 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a very small portion reflects a change in market mix. (This mix change consists of a significant increase in mid- to high-end sales over the last year and a big decline in sales of lower-cost distressed properties.)

In November, the lowest-cost third of the region's housing stock saw a 20.4 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 21.5 percent for the middle third of the market and 16.9 percent for the top, most-expensive third.

Sales in the middle and upper price ranges continued to outpace activity in the more affordable markets.

Last month the number of homes sold from $300,000 through $799,999 – a range that includes many move-up buyers – rose 5.0 percent year-over-year. The number that sold for $500,000 or more increased 12.1 percent from one year earlier, while $800,000-plus sales rose 5.1 percent.

In November, 32.1 percent of all Southland home sales were for $500,000 or more, down from a revised 32.8 percent the month before and up from 24.7 percent a year earlier.

The number of Southland homes sold below $200,000 last month dropped 43.7 percent year-over-year, while sales below $300,000 fell 36.7 percent. Low-end deals have fallen largely because of an inadequate supply of homes for sale. Many owners still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

Foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 6.3 percent of the Southland resale market in November. That was the same as in October and was down from 15.4 percent a year earlier. The October/November foreclosure resale rate was the lowest since it was 5.5 percent in May 2007. In the current cycle, 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 12.7 percent of Southland resales last month. That was the lowest since October 2008, when it was also 12.7 percent. Last month’s short sale figure was down from an estimated 12.9 percent the month before and down from 26.6 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 26.1 percent of the Southland homes sold last month. That’s the lowest share for any month since it was 25.1 percent in November 2011. Last month’s absentee level was down from a revised 27.1 percent the month before and down from 28.7 percent a year earlier. The absentee share has trended lower almost every month this year since hitting a record 32.4 percent this January. The monthly average since 2000, when the absentee data begin, is 18.5 percent.

Last month’s absentee buyers paid a median $315,000, down 1.6 percent from the month before and up 23.5 percent year-over-year.

In November 5.8 percent of all Southland homes sold on the open market were flipped, meaning they had previously sold in the prior six months. That’s down from a flipping rate of 6.5 percent the month before and down from 6.1 percent a year earlier. Flipping peaked at 7.0 percent in February this year. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Buyers paying cash in November accounted for 27.2 percent of home sales, down from 28.7 percent the month before and down from 34.0 percent a year earlier. The cash share of purchases has trended sideways or lower each month since hitting an all-time peak of 36.9 percent this February. In November the cash share was at its lowest level since it was 26.2 percent in September 2010. Since 1988 the monthly average for cash buyers is 16.3 percent of all sales. Cash buyers paid a median $342,750 last month, up 0.8 percent month-to-month and up 29.3 percent from a year earlier.

Last month Southern California home buyers put $3.5 billion of their own money on the table in the form of a down payment or as an outright cash purchase. They borrowed $4.9 billion in mortgage money from lenders.

Credit conditions don’t seem to have changed much in November but the difference from a year ago is significant.

In November 11.2 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – double the rate of a year earlier. Last month’s figure was down from 12.0 percent the month before and up from 5.6 percent a year ago. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 27.8 percent of last month’s Southland purchase lending. That was up from 26.3 percent the prior month and up from 21.2 percent a year earlier. In the months leading up to the credit crunch that struck in August 2007, jumbos accounted for around 40 percent of the home loan market.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 20.3 percent of all purchase mortgages last month. That was up from 19.5 percent the month before and down from 25.4 percent a year earlier. In recent months the FHA share has been the lowest since early 2008, mainly because of tighter FHA qualifying standards and the difficulties first-time buyers have competing with investors and cash buyers.

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 $1,517, up from $1,499 the month before and up from $1,132 a year earlier. Adjusted for inflation, last month’s typical payment was 36.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 48.1 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and 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, visit DQNews.com.


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

Copyright 2013 DataQuick. All rights reserved.

Thursday, December 5, 2013

October Phoenix Region Home Sale Press Release

Phoenix Region October Home Sales


The Phoenix area’s median sale price rose in October to its highest level in more than five years, pushed up by robust demand meeting a tight inventory, more mid- to high-end deals and a sharp drop in distressed sales. The number of homes sold fell to a three-year low for the month of October amid sharp year-over-year declines for sub-$200,000 sales and a significant dip in cash and investor buying, a real estate information service reported.

Buyers paid a median $195,000 for all new and resale houses and condos sold during October in the combined Maricopa-Pinal counties metro area. That was the region’s highest median sale price since the median was also $195,000 in July 2008. October’s median rose 1.6 percent from September and rose 21.9 percent from October 2012, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records.

The Phoenix-area median has risen year-over-year for 24 consecutive months and those gains have been double-digit for the last 20 months. But the October median was still 26.2 percent below the region’s all-time peak of $264,100 in June 2006.

The year-over-year gains in the Phoenix-area’s median sale price over the past two years have ranged from 7.5 percent to 32.2 percent, and reflect several trends. Prices have risen as greater demand has met a relatively low supply of homes for sale. The median, the point where half of the homes sold for more and half for less, has also risen because of a large shift in the types of homes selling: Compared with a year ago, more homes selling today are mid- to high-priced and far fewer are lower-cost distressed properties.

In October, a total of 7,751 new and resale houses and condos closed escrow in the two-county Phoenix region, down 1.6 percent from the month before and down 12.9 percent from a year earlier.

On average since 1994, when DataQuick’s complete Phoenix region statistics begin, the number of homes sold in October has been 1.3 percent higher than in September.

This October’s sales were 15.9 percent below average for the month of October. Resales of houses and condos combined this October were 4.7 percent below the historical average for that month, while new-home sales were 52 percent below the October average.

During the first ten months of this year (January through October), a total of 89,200 homes sold in the Phoenix region, down 0.2 percent from the same period in 2012. Condo resales during that 10-month stretch rose 4.5 percent year-over-year, while single-family house resales fell 1.8 percent and sales of all newly built homes rose 6.1 percent.

In October, home sales continued to fall sharply in the Phoenix-area’s lowest price ranges, while the middle and upper-price categories posted significant gains. The number of new and resale homes bought in October for less than $100,000 dropped 48.6 percent from a year earlier, while sub-$200,000 sales fell 29.0 percent. Deals between $200,000 and $600,000 – a typical move-up range – increased 18.1 percent year-over-year, while the number of homes selling for $800,000 or more jumped 36.5 percent from the same month last year.

In the Phoenix region’s multi-million-dollar luxury home market, 192 homes sold for $2 million or more during the first 10 months of this year, up 25.5 percent from the same period last year. This year’s tally is the highest for the January-through-October period since 308 homes sold for $2 million-plus in the first 10 months of 2008. The figures are based on public property records, where either a price or loan amount was available. October saw 22 Phoenix-area homes sell for $2 million or more, up slightly from 21 a year earlier.

Other Phoenix area October highlights are available at DQNews.com.

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

Copyright 2013 DataQuick. All rights reserved.

Wednesday, November 27, 2013

October Miami Region Home Sale Press Release

Miami Region October Home Sales


November 27, 2013

Miami-area homes sold at the fastest pace for an October in seven years as record condo resales, robust investor buying and strong mid- to high-end activity compensated for a drop-off in the lower price ranges. The median price paid for a home slipped month-to-month again but remained 20 percent higher than a year ago, a real estate information service reported.

In October, 11,189 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. October sales increased 8.7 percent from the prior month and rose 16.3 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

This October's sales tally was the highest for the month of October since 11,590 homes sold in October 2006. This October's sales were 5.5 percent above the average number of sales for the month of October since 1997, when DataQuick's complete Miami-area statistics begin. October's condo resales were 48.6 percent above average for the month, while single-family detached house resales were 2.2 percent above the long-term average and new-home sales were 69.2 percent below average.

Condo resales in October were the highest for that month on record and represented nearly 48 percent of all homes sold. Historically, condo sales have represented a monthly average of about 35 percent of total Miami-area sales.

During the first ten months of this year (January through October), a total of 107,378 homes sold in the Miami region, up 14.4 percent from the same period in 2012. Condo resales during that 10-month period rose 11.0 percent year-over-year, while single-family house resales increased 17.8 percent and sales of all newly built homes rose 17.2 percent.

When viewed by price segment, Miami-area October sales dropped 16.5 percent year-over-year for homes priced below $100,000, and rose 1.8 percent for homes below $200,000. But the number of homes sold in the typical move-up range between $200,000 and $600,000 jumped 38.5 percent year-over-year in October, while the number of homes that sold above $800,000 rose 40.2 percent from October 2012.

In the Miami region's multi-million-dollar luxury home market, 1,167 homes sold for $2 million or more during the first 10 months of this year - an historical high for that 10-month period and up 39.8 percent from the same period last year. The figures are based on public property records, where either a price or loan amount was available. October saw 87 homes sell for $2 million or more, up 22.5 percent from a year earlier.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in October was $175,300, down 3.1 percent from the month before and up 20.1 percent from a year earlier. So far this year the highest monthly median was $184,950 in August, after which the median dropped to $180,900 in September. The median has risen year-over-year for 22 consecutive months, and those gains have been double-digit for the past 15 consecutive months.

This October's median stood 46.1 percent below the Miami area's peak $290,000 median in June 2007.

Other Miami region October highlights (see two charts)

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2013 DataQuick. All rights reserved.


Thursday, November 21, 2013

October Las Vegas Area Home Sale Press Release

Las Vegas Region October Home Sales


Las Vegas-area home sales fell in October as sub-$200,000 transactions continued to decline and the share of homes sold to absentee and cash buyers dropped to the lowest level in more than three years. The median sale price rose to $180,000 – the highest in nearly five years, a real estate information service reported.

In October, 4,181 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 0.9 percent from the month before and down 8.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between September and October have fallen 1.2 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin.

Total October sales in the Las Vegas region were 7.8 percent below the average number of homes sold during all months of October since 1994. However, resales of houses and condos combined were 16.2 percent above average for the month of October, while sales of newly built homes were 56.3 percent below the October average.

The 44,654 homes sold in the region this year through October is very close – .07 percent below – the sales tally during the same 10-month period last year. However, this year saw a sharp decline in sub-$200,000 sales as home values rose and sales of lower-cost distressed properties waned. At the same time, a surge in move-up buying has meant big gains for mid- to high-end transactions.

In October, sales of homes priced below $100,000 dropped 52.9 percent compared with a year earlier, while sub-$200,000 transactions fell 29.8 percent year-over-year. The number of homes that sold for $200,000 or more shot up 53.7 percent year-over-year. October sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 50.8 percent from a year earlier, while the number selling for $500,000 or more rose 90.5 percent. However, $500,000-plus sales represented only about 4 percent of October sales.

Viewed differently, 18.5 percent of the Las Vegas area’s October homes sales were for $300,000 or more, up from 9.2 percent a year earlier and the highest for any month since September 2008, when 19.9 percent of sales crossed the $300,000 threshold. Sub-$200,000 deals made up 57.1 percent of October sales – the lowest share for that price category since it was 53.7 percent in November 2008.

Las Vegas region buyers paid a median $180,000 for all new and resale houses and condos sold in October – the highest for any month since November 2008, when the median was $190,000. Last month’s median rose 2.9 percent from $175,000 the month before and rose 31.4 percent from $137,000 a year earlier. The increase in the median between September and October followed several months of up-and-down movement on a month-to-month basis.

The median sale price’s year-over-year gains over the past 19 consecutive months ranged from 1.7 percent to 35.3 percent. These annual gains have been double-digit for the last 16 months and above 20 percent for the last 12 months. This June's 35.3 percent year-over-year increase in the median is highest so far this year.

There are two main reasons for the sharp annual gains in the median. First, prices have risen as stronger housing demand, fueled in large part by low mortgage rates, has met a relatively low supply of homes for sale. Second, the median has been tugged up by changes in market mix: Fewer homes re-selling now are low-cost distressed properties, while more are mid- to high-end move-up homes.

October’s $180,000 median remained 42.3 percent below the November 2006 peak of $312,000. The median has been rising off a cyclical trough of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

The portion of homes bought by cash and absentee buyers, which include investors and vacation-home buyers, continued to decline. Absentee buyers bought 43.1 percent of the homes sold in October, down from 45.8 percent the month before and 50.0 percent a year earlier. October's absentee share was the lowest since September 2010, when it was also 43.1 percent. Cash buyers purchased 45.6 percent of all homes sold in October, down from 52.6 percent the prior month and 52.5 percent a year earlier. October's cash level was the lowest since it was 41.9 percent in June 2010.

To view more October Las Vegas highlights, view the article at DQNews.com.

Wednesday, November 13, 2013

October California Home Sale Press Release

California October Home Sales


November 13, 2013

An estimated 36,468 new and resale houses and condos sold statewide last month. That was up 1.2 percent from 36,027 in September, and down 7.1 percent from 39,254 sales in October 2012, according to San Diego-based DataQuick.

October sales have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003. Last month's sales were 15.4 percent below the average of 43,092 sales for all the months of October since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $357,000, up 0.6 percent from $355,000 in September and up 25.3 percent from $285,000 in October 2012. Last month was the 20th consecutive month in which the state's median sale price rose year-over-year, and the 11th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.6 percent were properties that had been foreclosed on during the past year. It was the lowest level for foreclosure resales since June 2007, also at 6.6 percent. Last month’s figure was down from a revised 7.1 percent in September and 17.1 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 12.6 percent of the homes that resold last month. That was down from an estimated 13.1 percent the month before and 26.7 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,395, down from $1,437 the month before and up from $1,009 a year earlier. Adjusted for inflation, last month's payment was 39.7 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 51.1 percent below the current cycle's peak in June 2006. It was 51.2 percent above the February 2012 bottom 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 decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

October Bay Area Home Sale Press Release

Bay Area Home Sales Ease Back; Median Sale Price Edges Higher


November 13, 2013

La Jolla, CA.--The Bay Area housing market continued its fits-and-starts march toward normalcy last month with ho-hum sales counts and continued price appreciation. Various below-the-surface technical indicators show a market still transitioning from a severely atypical state a few years ago to something more in line with long-term norms, a real estate information service reported.

A total of 7,595 new and resale houses and condos sold in the nine-county Bay Area in October. That was up 6.4 percent from 7,141 the month before, and down 3.9 percent from 7,902 for October a year ago, according to San Diego-based DataQuick.

Last month’s number was 11.2 percent below the October average of 8,553 since 1988, when DataQuick’s statistics begin. Bay Area sales haven’t been above average for any particular month in more than seven years. The most active October was in 2003 when 13,392 homes sold; the least active was in 2007 with 5,486 sales.

The median price paid for a home in the Bay Area last month was $539,750. That was up 1.8 percent from $530,000 in September, and up 29.7 percent from $416,000 in October 2012.

It appears that roughly three-fourths of last month’s 29.7 percent year-over-year rise is the result of an increase in home values. The rest reflects a change in market mix – more mid- to high-end sales and fewer low-cost inland distressed sales.

The peak Bay Area median so far this year was $562,000 in July – the highest for any month since the median was $587,500 in December 2007. The Bay Area’s all-time peak median was $665,000 in June and July 2007, after which it dropped to a low of $290,000 in March 2009.

“At different times in recent years we’ve had various peaks or troughs when it comes to sales volume, prices, foreclosure activity, cash sales, absentee-owner sales, various home loan options, you name it. All of these market components are now trending toward normal. We are still a ways away, but the market is slowly re-establishing equilibrium,” said John Walsh, DataQuick president.

“A lot of market drag can be attributed to skittish market participants, especially buyers and lenders. Comfort levels do rise with more stability and predictability – factors that could contribute to increased activity well into next year and beyond,” he said.

The number of homes sold for less than $500,000 dropped 26.4 percent year-over-year, while the number sold for more increased 15.9 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up about 14 percent of the resale market. That was about the same as in September and down from about 35 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 3.6 percent of resales in October, the same as the month before, and down from 11.7 percent a year ago. Last month’s level is the lowest since 3.5 percent in June 2007. Foreclosure resales peaked at 52.0 percent in February 2009, while the monthly average over the past 17 years is 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 10.3 percent of Bay Area resales last month. That was up from an estimated 10.2 percent in September and down from 22.9 percent a year earlier.

In October, Bay Area home buyers put $2.1 billion of their own money on the table in the form of a down payment or as an outright cash purchase. That number hit an all-time high of $2.6 billion in May. They borrowed $3.0 billion in mortgage money from lenders last month.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 14.8 percent of the purchase loan market, RPM Mortgage with 3.8 percent and Stearns Lending with 3.6 percent.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 46.7 percent of last month’s purchase lending, roughly even with a revised 46.8 percent in September, and up from 39.5 percent a year ago. Jumbo usage dropped as low as 17.1 percent in January 2009.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 20.5 percent of the Bay Area’s home purchase loans in October. That was the highest since 20.7 percent in August 2008. It was up from a revised 20.2 percent in September, and up from 11.8 percent in October last year. Since 2000, ARMs have accounted for 47.5 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 11.0 percent of all Bay Area home purchase mortgages in October, up from a 10.5 percent in September and down from 15.8 percent a year earlier.

Last month absentee buyers – mostly investors – purchased 21.8 percent of all Bay Area homes. That was up from 20.8 percent in September, and down from 23.7 percent a year ago. Absentee buyers paid a median $420,000 in October, up 28.6 percent from a year earlier.

Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for 22.8 percent of sales in October. That was down from 23.0 percent the month before and down from 29.6 percent a year earlier. The monthly average going back to 1988 is 13.3 percent. Cash buyers paid a median $439,500 in October, up 33.2 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, San Francisco and San Mateo counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $2,109. Adjusted for inflation, last month’s payment was 26.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 45.4 percent below the current cycle's peak in July 2007. It was 67.3 percent above the February 2012 bottom of the current cycle.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and 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, visit DQNews.com.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2013 DataQuick. All rights reserved.

Tuesday, November 12, 2013

October Southland Home Sale Press Release

Little Change Again for Southland Home Prices; Sales Picture Mixed


November 12, 2013

Southern California home buying picked up last month compared with September but fell short of a year earlier as sales in inventory-starved, lower-cost markets continued to lag far behind 2012 levels. For the fourth month in a row the region’s median sale price more or less moved sideways, though it was still nearly 22 percent higher than October last year, a real estate information service reported.

A total of 20,150 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 5.4 percent from 19,112 sales in September, and down 4.4 percent from 21,075 sales in October 2012, according to San Diego-based DataQuick.

On average, Southland sales have declined 1.1 percent between September and October since 1988, when DataQuick’s statistics begin.

Last month’s sales were 14.4 percent below the average number of sales – 23,572 – in the month of October. Southland sales haven’t been above average for any particular month in more than seven years. October sales have ranged from a low of 12,913 in October 2007 to high of 37,642 in October 2003.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $383,750, up 0.5 percent from $382,000 in September and up 21.8 percent from $315,000 in October 2012. The $385,000 median this June, July and August was the highest in more than five years.

The median price has risen on a year-over-year basis for 19 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 15 months, and they have been greater than 20 percent for the last 10 months.

October’s median price remained 24.0 percent below the peak $505,000 median in spring/summer 2007.

“Our read on the market is that after playing some rapid catch-up, home prices hit a bit of a mid-summer wall. It took a very specific set of circumstances to trigger price gains of 20 percent or more over the course of a year. We had a pitifully low number of homes for sale, incredibly low mortgage rates and unusually high levels of investor purchases. In recent months each of those drivers has reversed somewhat,” said John Walsh, DataQuick president.

Walsh said it’s still unclear how much the housing market was affected by last month’s partial shutdown of the federal government and fears of a default on the national debt.

“Given the uptick in home buying between September and October, it would be difficult to argue that the latest sales figures reflect a pullback by home shoppers,” Walsh said. “However, we’re reporting deals that closed in October; so it’s possible it will take another month to pick up on any sort of pronounced sales drop-off triggered by last month’s debacle in Washington D.C. Also, mortgage rates drifted lower and the most recent job reports have been decent. Those positives would help offset any negative impacts on housing demand in October.”

It appears that almost all of last month’s 21.8 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. (This mix change consists of a large increase in mid- to high-end sales over the last year and a big decline in sales of lower-cost distressed properties.)

In October, the lowest-cost third of the region's housing stock saw a 20.0 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 20.9 percent for the middle third of the market and 20.2 percent for the top, most-expensive third.

Sales activity in the middle and upper price ranges continued to outpace sales in more affordable markets.

Last month the number of homes sold from $300,000 through $800,000 – a range that includes many move-up buyers – rose 15.5 percent year-over-year. The number that sold for $500,000 or more jumped 28.5 percent from one year earlier, while $800,000-plus sales rose 32.9 percent.

In October, 32.1 percent of all Southland home sales were for $500,000 or more, down from a revised 33.2 percent of sales the month before and up from 23.7 percent a year earlier.

The number of Southland homes sold below $200,000 last month dropped 39.6 percent year-over-year, while sales below $300,000 fell 32.2 percent. Low-end deals have been relatively weak largely because of an inadequate supply of homes for sale. Many owners still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

Foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 6.3 percent of the Southland resale market in October. That was down from a revised 6.4 percent the month before and down from 16.3 percent a year earlier. Last month’s foreclosure resale rate was the lowest since it was 5.5 percent in May 2007. In the current cycle, 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 12.9 percent of Southland resales last month. That was the lowest since October 2008, when it was 12.7 percent. Last month’s short sale figure was down from an estimated 13.3 percent the month before and down from 27.2 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 26.5 percent of the Southland homes sold last month, which is the lowest share for any month since it was 25.1 percent in November 2011. Last month’s absentee level was down from a revised 26.9 percent the month before and down from 28.4 percent a year earlier. The absentee share has dropped each month this year since hitting a record 32.4 percent in January. The monthly average since 2000, when the absentee data begin, is 18.4 percent. Last month’s absentee buyers paid a median $316,000, up 1.9 percent from the month before and up 30.8 percent from a year earlier.

In October 6.5 percent of all Southland homes sold on the open market had previously sold in the prior six months. That’s up from a flipping rate of 6.1 percent in September and up from 6.0 percent in October 2012. Flipping peaked at 7.0 percent in February this year and had trended lower most months this year until September. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Buyers paying cash accounted for 27.5 percent of last month's home sales, down from 28.5 percent the month before and down from 32.8 percent a year earlier. The cash share of purchases has declined each month since hitting an all-time peak of 36.9 percent this February, and in October was at its lowest level since it was 26.2 percent in September 2010. Since 1988 the monthly average for cash buyers is 16.3 percent of all sales. Cash buyers paid a median $337,000 last month, down 0.4 percent month-to-month and up 34.8 percent from a year ago.

Last month Southern California home buyers put $4.3 billion of their own money on the table in the form of a down payment or as an outright cash purchase. They borrowed $5.7 billion in mortgage money from lenders.

The most active lenders to Southern California home buyers last month were Wells Fargo with 8.1 percent of the purchase loan market, Bank of American with 2.7 percent and Prospect Mortgage with 2.2 percent.

There was little change in credit conditions month-to-month in October but the change from a year earlier was significant.

In October 12.0 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – the same as in September, exactly double the year-ago level, and the highest for any month since ARMs were 12.6 percent of the market in July 2008. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.3 percent of last month’s Southland purchase lending. That was down a hair from 26.5 percent the prior month and up from 20.7 percent a year earlier. In the months leading up to the credit crunch that struck in August 2007, jumbos accounted for around 40 percent of the home loan market.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 19.7 percent of all purchase mortgages last month. That was up from 19.0 percent the month before and down from 25.7 percent a year earlier. In recent months the FHA share has been the lowest since early 2008, mainly because of tighter FHA qualifying standards and the difficulties first-time buyers have competing with investors and cash buyers.

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 $1,499, down from $1,547 the month before and up from $1,115 a year earlier. Adjusted for inflation, last month’s typical payment was 37.5 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 48.8 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and 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, visit DQNews.com.

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

Copyright 2013 DataQuick. All rights reserved.

Friday, November 8, 2013

September Seattle Region Home Sale Press Release

Seattle Region September Home Sales


The Seattle-area's September home sales were the highest for that month in seven years, though sales fell slightly short of the longer-term average for that month and slipped a bit more than usual from August. The median price paid for a home dipped month-to-month again but it was 11 percent higher than a year earlier, a real estate information service reported.

A total of 5,013 new and resale houses and condos closed escrow during September in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. Seattle sales fell 16.7 percent from the month before and rose 23.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The number of homes sold this September was the highest for that month since 2006, when 7,179 homes sold. However, this September's sales were 1.7 percent below the average number of homes sold during all months of September since 1994, when DataQuick's complete Seattle-area statistics begin. Resale single-family house sales were 0.4 percent below the historical average for the month of September, while condo resales were 29.1 percent above average and sales of newly built homes were 30.7 percent below the September average.

The region's mid- to high-priced neighborhoods again posted large sales increases compared with a year ago, while sales in the lower price categories saw more modest gains or declines. The number of Seattle-area homes that sold in September for less than $150,000 dropped 1.4 percent year-over-year. Sales of homes priced above $200,000 rose 35.3 percent year-over-year, while $300,000-plus sales rose 43.7 percent. The number of homes that sold for between $200,000 and $600,000, a typical move-up range, rose 30.1 percent from a year earlier. Sales over $700,000 rose 62.4 percent year-over-year, though transactions in that price category represented only about 10 percent of total September sales.

Buyers paid a median $322,500 for all new and resale houses and condos sold in the three-county Seattle area in September. The median fell 0.8 percent from August and increased 11.2 percent from September last year. It was the second consecutive month in which the median fell slightly from the prior month (the August median dipped 1.2 percent from July's $329,000, which is the highest median for any month this year). On a year-over-year basis the median has risen for 18 consecutive months, and those annual increases have been double-digit for the past 13 months.

September's median was 11.7 percent lower than the Seattle area's peak $365,200 median in June 2007, and it was 34.4 percent higher than the post-peak trough of $240,000 in January 2012. During the housing downturn the median fell 34.3 percent between the peak and the trough, a decline of $125,200. In September the median stood $82,500 above the trough, meaning it had made up nearly two-thirds of its peak-to-trough decline.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 25 percent of the Seattle area's resale market in September, up from about 23 percent the prior month and down from around 35 percent a year earlier.


To view other Seattle area September highlights (two charts) visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2013 DataQuick. All rights reserved.

Wednesday, November 6, 2013

September Portland Metro Home Sale Press Release

Portland Region September Home Sales



Portland-area home buying slowed as it normally does in late summer but September's sales tally was the highest for that month in seven years, pushed up by robust condo sales and a jump in move-up activity. The region's overall median sale price changed little month-to-month but rose nearly 15 percent from a year earlier, a real estate information service reported.

A total of 3,149 new and resale houses and condos closed escrow during September in the five-county Portland-Vancouver-Beaverton metro area. Sales fell 16.3 percent from the prior month and rose 17.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales have fallen 10.8 percent between August and September since 1994, when DataQuick̢۪s complete Portland-area statistics begin.

Although September's sales tally was the highest for that month since 2006, it was 11.9 percent short of the average sales total for all months of September since 1994. Sales of existing (not new) single-family detached houses and condos combined were 5.0 percent below the historical September average, while new-home sales were 45.7 percent below average.

The number of homes that sold for less than $100,000 in September fell 36.2 percent year-over-year, while sub-$200,000 deals declined 22.6 percent. However, sales between $200,000 and $600,000 (a typical move-up range) jumped 44.5 percent from a year ago, while sales over $500,000 rose 70.0 percent. Viewed another way, this September's sales over $200,000 made up 74.2 percent of all transactions, compared with 60.2 percent in September 2012.

The Portland metro area statistics in this report and in the tables below reflect sales in Clackamas, Multnomah, Washington and Yamhill counties in Oregon and Clark County in Washington.

The median price paid for all new and resale houses and condos that closed escrow in the Portland region during September was $260,000, down 1.4 percent from the prior month and up 14.9 percent from a year earlier. The highest median so far this year came in July, at $263,700, which was the highest median for any month since October 2008, when it was $269,900. The median has risen on a year-over-year basis for 19 consecutive months.

The September median sale price was 10.0 percent lower than the peak $289,000 median in October 2007, and it was 33.3 percent higher than the post-peak trough of $195,000 in January 2012.

Sales of distressed properties – the combination of foreclosure resales and short sales – accounted for roughly 15 percent of the Portland area's resale market in September, down from about 16 percent the prior month and down from around 30 percent a year earlier.

To view the two September Highlight charts, visit the article at DQNews.com.

Friday, November 1, 2013

September Las Vegas Home Sale Press Release

Las Vegas Region September Home Sales


The Las Vegas area posted a normal slowdown in sales last month compared with August but activity edged slightly higher than a year earlier as relatively strong move-up buying compensated for a drop-off in sub-$200,000 deals. A variety of price measures suggested home values began to flatten recently, although September’s overall median sale price was still nearly 28 percent higher than a year ago, a real estate information service reported.

In September, 4,218 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 10.5 percent from the month before and up 3.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between August and September have fallen 8.6 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin.

Total September sales in the Las Vegas region were the highest for that month since September 2011 and were 9.6 percent below the average number of homes sold during all months of September since 1994. However, resales of houses and condos combined were 14.3 percent above average for the month of September, while sales of newly built homes were 56.3 percent below the September average.

The number of mid- to high-end home sales remained well above year-ago levels, while low-end deals fell considerably short of 2012 levels.

Sales of homes priced below $100,000 dropped 46.2 percent in September compared with a year earlier, while the number of transactions below $200,000 fell 19.6 percent year-over-year. The number of homes that sold for more than $200,000 shot up 67.1 percent year-over-year, pushed higher by the combination of home price appreciation and strong demand in mid- to high-end markets. September sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 64.6 percent from a year earlier, while the number selling over $500,000 rose 96.3 percent.

Las Vegas region buyers paid a median $175,000 for all new and resale houses and condos sold in September. That was down 1.1 percent from $177,000 the prior month and up 27.7 percent from $137,000 a year earlier.

The year-over-year gains in the region's median sale price over the past 18 consecutive months have ranged from 1.7 percent to 35.3 percent. The annual gains have been double-digit for the last 15 months and above 20 percent for the last 11 months, although the year-over-year increases have ratcheted lower each month since peaking at 35.3 percent in June.

There are signs in the Las Vegas region and other markets that home prices began to level off in recent months amid higher mortgage rates, a larger supply of homes for sale and a gradual decline in cash and investor purchases. The median price paid for a resale single-family detached house in the Las Vegas area held at $175,000 in July, August and September. The median price paid per square foot for resale houses was $99 in September, the same as in August. The median price paid per square foot for resale condos in September was $84, down a hair from $85 in August.

Despite the large year-over-year gain for the region's overall median sale price in September, the median was still 43.9 percent below its November 2006 peak of $312,000. The median has been rising off a cyclical trough of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

The sharp annual gains in the median price reflect two factors: First, prices have risen as stronger housing demand, fueled in large part by low mortgage rates, has met a relatively low supply of homes for sale. Second, the median has been nudged higher by changes in market mix – fewer of the homes re-selling now are low-cost distressed properties, and more are mid- to high-cost move-up homes.

Distressed property sales, which is the combination of foreclosure resales and short sales, made up about 28 percent of the Las Vegas region's resale market in September. That was down from around 33 percent the prior month and down from about 62 percent a year earlier.


Las Vegas region September highlights (see two charts at the DQNews article)

Media calls: Andrew LePage (916) 456-7157


Copyright 2013 DataQuick. All rights reserved.

Tuesday, October 22, 2013

September California Foreclosures Press Release

California Foreclosure Starts Second-Lowest Since Early 2006


The number of California homeowners entering the foreclosure process fell last quarter to the second-lowest level in seven and a half years. The drop-off is the result of a stronger job market, home price appreciation, and a variety of government foreclosure avoidance efforts, a real estate information service reported.

Lenders filed 20,314 Notices of Default (NoDs) during the July-through-September period. That was down 21.1 percent from 25,747 during the previous quarter, and down 58.6 percent from 49,026 in third-quarter 2012, according to San Diego-based DataQuick.

Last quarter's NoDs were the lowest since 18,568 were filed in the first quarter of this year, and the second-lowest since 18,856 were filed in first-quarter 2006.

NoD filings plummeted in the first quarter of this year, and especially in the month of January, as a package of new state foreclosure laws - the "Homeowner Bill of Rights" - took effect on January 1. Later in the first quarter and then in the second quarter NoDs trended higher. In California and other states in recent years foreclosure activity has sometimes plunged temporarily after a new law kicked in and the industry took time to adjust.

"Cleanup of the foreclosure mess is ongoing, but it's difficult to imagine a huge new wave. We still get asked about the long-feared 'shadow inventory' of distressed properties that some people predicted would trigger another big surge in foreclosures. Such warnings, which go back years, often reflected a worst-case scenario and didn't account for the breadth and depth of the government's eventual intervention in the crisis. Lots of legal, regulatory and political hurdles popped up, slowing the foreclosure rate. Then the economy stabilized and home prices started rising," said John Walsh, DataQuick president.

"Still, it's certainly possible that we could see foreclosure activity edge higher again," he added. "It will depend on the economy and how lenders manage their remaining distressed properties, and their success with mortgage modifications."

The sharp rise in home values over the last year has reduced the number of Californians who owe more than their homes are worth. That drives down the number of households vulnerable to foreclosure, given that if they can't make their mortgage payments they can usually sell their homes or refinance.

The median price paid for a California home was $360,000 during the third quarter, up 4.0 percent from $346,000 the prior quarter and up 26.3 percent from $285,000 in third-quarter 2012.

As has been the case for years, mortgage defaults remained far more concentrated in the state's most affordable neighborhoods last quarter. Zip codes with third-quarter 2013 median sale prices below $200,000 collectively saw 3.4 NoDs filed for every 1,000 homes in those zip codes. The ratio was 2.2 NoDs per 1,000 homes for zip codes with $200,000-to-$800,000 medians, while there were 0.9 NoDs filed per 1,000 homes for the group of zips with medians above $800,000.

Most of the loans going into default are from the 2005-2007 period. Last quarter the median origination quarter for defaulted loans was fourth-quarter 2006. Prior to last quarter the median origination quarter for defaulted loans had been third-quarter 2006 for four years, indicating that weak underwriting standards peaked then.

On primary mortgages, California homeowners were a median 8.2 months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $16,327 on a median $300,000 mortgage.

On home equity loans and lines of credit in default, borrowers owed a median $5,342 on a median $64,000 credit line. The amount of the credit line that was actually in use cannot be determined from public records.

The most active "beneficiaries" in the formal foreclosure process last quarter were Wells Fargo (4,134), JP Morgan Chase (2,144) and US Bank (1,187).

The trustees pursuing the highest number of defaults last quarter were Quality Loan Service Corp. (for Wells Fargo, CitiMortgage, US Bank, Bank of New York and others), Sage Point Lender Services (for Nationstar Mortgage, CitiMortgage, Deutsche Bank, US Bank and others) and Trustee Corps (for JP Morgan Chase, OneWest Bank, Bank of America and others).

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. Notices of Default are recorded at county recorders offices and mark the first step of the formal foreclosure process.

Although 20,314 default notices were filed last quarter, they involved 19,799 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).

Among the state's larger counties, loans were least likely to go into default last quarter in San Francisco, Santa Clara, San Mateo, Marin and San Luis Obispo counties. The probability was highest in Riverside, San Bernardino, San Joaquin, Kings and Yuba counties. The analysis is based on the number of NoDs filed for every 1,000 homes in those counties.

Trustees Deeds recorded (TDs), or the final loss of a home to foreclosure, totaled 8,030 last quarter - the lowest for any quarter since fourth-quarter 2006, when lenders foreclosed on 6,078 homes. Last quarter's Trustees Deed total fell 18.4 percent from 9,840 the prior quarter and fell 65.0 percent from 22,949 in third-quarter 2012.

The all-time peak was 79,511 foreclosures in third-quarter 2008. The state's all-time low was 637 in second-quarter 2005, DataQuick reported.

Foreclosures were again most concentrated in the state's most affordable communities. Zip codes with third-quarter 2013 median sale prices below $200,000 collectively saw 2.0 homes foreclosed on for every 1,000 homes in existence. That compares with 0.8 foreclosures per 1,000 homes for zips with medians from $200,000 to $800,000, and 0.2 foreclosures per 1,000 homes in the group of zips with medians over $800,000.

On average, homes foreclosed on last quarter took 9.1 months to wind their way through the formal foreclosure process, beginning with an NoD. That's the same as the prior quarter and up from 7.9 months a year ago.

At formal foreclosure auctions held statewide last quarter, an estimated 48.2 percent of the foreclosed properties were bought by investors or others that don't appear to be lender or government entities. That was down from an estimated 54.1 percent the previous quarter and up from 39.4 percent a year earlier, DataQuick reported.

Foreclosure resales - properties foreclosed on in the prior 12 months - accounted for 7.7 percent of all California resale activity last quarter. That was down from a revised 11.5 percent the prior quarter and down from 20.0 percent a year ago. Foreclosure resales peaked at 57.8 percent in first-quarter 2009. Among the state's larger counties last quarter, foreclosure resales varied from 2.0 percent in Santa Clara County to 22.3 percent in Kings County.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 13.5 percent of the state's resale market last quarter. That was down from an estimated 16.5 percent the prior quarter and 26.1 percent a year earlier.

To view the county-by-county Foreclosure and Default Charts, visit this article at DQNews.com.

Source: DataQuick; DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2013 DataQuick. All rights reserved.

Thursday, October 17, 2013

September California Home Sale Press Release

California September Home Sales


An estimated 36,027 new and resale houses and condos sold statewide last month. That was down 15.3 percent from 42,546 in August, and up 5.9 percent from 34,011 sales in September 2012, according to San Diego-based DataQuick.

The sales count was the highest for any September since 40,216 homes sold in September 2009. September sales have varied from a low of 24,460 in 2007 to a high of 69,304 in 2003. Last month's sales were 16.7 percent below the average of 43,253 sales for all the months of September since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $355,000, down 1.7 percent from $361,000 in August and up 23.7 percent from $287,000 in September 2012. September was the 19th consecutive month in which the state's median sale price rose year-over-year, and the 10th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 7.0 percent were properties that had been foreclosed on during the past year. It was the lowest level for foreclosure resales since June 2007, when they represented 6.6 percent of the resale market. Last month’s figure was down from 7.8 percent in August and 18.0 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 13.1 percent of the homes that resold last month. That was down from an estimated 13.3 percent the month before and 27.5 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,429, down from $1,456 the month before and up from $1,027 a year earlier. Adjusted for inflation, last month's payment was 38.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 49.9 percent below the current cycle's peak in June 2006.

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 decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

September Bay Area Home Sale Press Release

Bay Area Median Price Dips Month-to-Month Again; Still Way Up From Yr Ago


La Jolla, CA.--Bay Area home sales dropped more than usual in September compared with August but climbed slightly above the year-ago level thanks to more robust sales above $500,000 this year. For the second consecutive month the median sale price declined month-to-month, though it remained nearly 24 percent higher than a year earlier, a real estate information service reported.

A total of 7,141 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 17.1 percent from 8,616 in August and up 3.6 percent from 6,890 in September last year, according to San Diego-based DataQuick.

On average, sales between August and September have declined 11.4 percent since 1988, when DataQuick’s statistics begin.

Last month’s sales were 16.2 percent lower than the long-term September average of 8,519 sales. September sales have ranged from a low of 5,014 in 2007 to a high of 13,343 in 2003. Bay Area sales have been below average every month since the fall of 2006.

The median price paid for a home in the Bay Area last month was $530,000, down 1.9 percent from $540,000 in August and up 23.5 percent from $429,000 in September 2012. In July the Bay Area’s median sale price hit its highest level so far this year – $562,000 – and the highest level for any month since December 2007. Then the median slipped to $540,000 in August.

The Bay Area median peaked at $665,000 in June/July 2007, then dropped to as low as $290,000 in March 2009. Last month’s median was 20.3 percent below the peak.

The median has increased year-over-year for 18 consecutive months, with those gains ranging from 7.5 percent to 33.5 percent. The annual increases have exceeded 20 percent for the last 11 months. September’s 23.5 percent year-over-year gain was the smallest since the median rose 21.8 percent this March.

“The surprisingly high home price appreciation we saw over the last year stemmed largely from very low mortgage rates, a very slim inventory of homes for sale, and very high levels of investor purchases. But in recent months we’ve seen each of these forces reverse a bit: Interest rates are higher, the inventory has risen, and investors now account for a lower share of all sales. In addition, we’ve seen a normal, seasonal slowing in the market heading into fall,” said John Walsh, DataQuick president.

He added: “It’s likely we’ll see year-over-year price gains trend lower for the foreseeable future. Housing market impacts related to the federal government shutdown and the threat of default on the nation’s debt would begin to show up in sales data released over the next couple of months.”

The month-to-month declines in the region’s median sale price since July appear to stem from a combination of factors. In addition to the more obvious market changes – higher mortgage rates, more homes for sale, fewer investor purchases – the median appears to also be edging lower because of a more technical reason: Home sales in low- to mid-cost communities have seen their share of the region’s sales activity rise since July, while the most expensive, top third of the housing market has seen a decline in market share since then.

However, when comparing this September to September last year, the picture is different: The number of homes that sold for less than $500,000 last month was 19.3 percent lower than in September 2012, while the number that sold for more than $500,000 increased 30.9 percent, DataQuick reported.

The impact of distressed property sales on the market continued to fade last month. The combination of foreclosure resales and “short sales” made up about 12.2 percent of the resale market, down from about 14 percent in August and around 38 percent a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 3.6 percent of resales in September, down from 4.3 percent in August and down from 14.1 percent a year ago. The September level is the lowest since 3.5 percent in June 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 8.6 percent of Bay Area resales last month. That was down from an estimated 9.6 percent in August and down from 27.5 percent a year earlier.

Lenders provided $2.76 billion in mortgage money to Bay Area home buyers in September, down from $3.32 billion in August and up from $2.37 billion in September last year. The most active lenders to Bay Area home buyers last month were Wells Fargo with 14.4 percent of the purchase loan market, RPM Mortgage with 4.1 percent and Bank of American with 3.7 percent.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 49.9 percent of last month’s purchase lending, down from a revised 52.9 percent in August, and up from 37.4 percent a year ago. Jumbo usage dropped to a low of 17.1 percent in January 2009.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 19.5 percent of the Bay Area’s home purchase loans in September. That was the highest since the ARM share was 20.8 percent in August 2008. Last month’s ARM level was up from 19.4 percent the month before and up from 11.6 percent in September last year. Over the last decade ARMs have represented a monthly average of 38.4 percent of all purchase loans. ARMs hit a low of 3.0 percent of all purchase loans in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 11.1 percent of all Bay Area home purchase mortgages in September, up from 10.8 percent in August and down from 15.7 percent a year earlier. In recent months the FHA level has been the lowest since summer 2008, reflecting both tougher qualifying standards and the difficulties first-time buyers have competing with investors and other cash buyers.

Last month absentee buyers – mostly investors – purchased 20.7 percent of all Bay Area homes. That was up slightly from 20.3 percent in August, and down from 23.9 percent a year ago. The absentee share of all sales peaked at 28.7 percent this February, while the monthly average since 2000 is 15.3 percent. Absentee buyers paid a median $420,000 in September, up 47.1 percent from a year earlier.

Buyers who appear to have paid all cash – meaning no sign of a corresponding purchase loan was found in the public record – accounted for 24.0 percent of sales in September. That was up slightly from 23.7 percent the month before and down from 28.4 percent a year earlier. The monthly average going back to 1988 is 13.2 percent, while the peak was 32.3 percent this February. Cash buyers paid a median $440,000 in September, up 46.2 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, San Francisco and San Mateo counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $2,146, down from $2,179 in August and up from $1,535 in September last year. Adjusted for inflation, last month’s payment was 24.7 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 44.3 percent below the current cycle's peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains below year-ago levels and far below peak levels reached over the last five years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

To view the county-by-county chart, view the article at DQNews.com.


Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2013 DataQuick. All rights reserved.

Wednesday, October 16, 2013

September Southland Home Sale Press Release

Southland Median Sale Price Dips Month-to-Month, Still Up Sharply From Yr Ago


Southern California home sales in September fell more than usual from August but rose modestly above a year earlier as sales gains for mid- to high-priced properties compensated for declines in sub-$300,000 activity. The median sale price remained 21 percent higher than a year earlier, but after holding steady for three months the median dipped month-to-month in September for the first time since February, a real estate information service reported.

A total of 19,112 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 17.1 percent from 23,057 sales in August, and up 7.0 percent from 17,859 sales in September 2012, according to San Diego-based DataQuick.

On average, Southland sales have declined 9.3 percent between August and September since 1988, when DataQuick’s statistics begin.

Last month’s sales were 19.9 percent below the average number of sales – 23,862 – in the month of September. Southland sales haven’t been above average for any particular month in more than seven years. September sales have ranged from a low of 12,455 in September 2007 to high of 37,771 in September 2003.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $382,000, down 0.8 percent from $385,000 in August and up 21.3 percent from $315,000 in September 2012. The $385,000 median in June, July and August was the highest in more than five years.

The median price has risen on a year-over-year basis for 18 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 14 months, and they have been greater than 20 percent for the last nine months.

September’s median remained 24.4 percent below the peak $505,000 median in spring/summer 2007.

“We’ve seen a fairly normal downshifting in the housing market this fall. Couple that with the rise in inventory, higher mortgage rates and the ongoing, gradual drop in purchases by investors and cash buyers and it's no wonder prices have leveled off in recent months. What's not clear is how well the market can weather the job losses related to the federal government shutdown and the blow to consumer confidence caused by fears of a default in the national debt. Those impacts would start to show up in data released over the next couple of months,” said John Walsh, DataQuick president.

It appears that most of last month’s 21.3 percent year-over-year increase in the Southland median sale price reflects rising home prices, while a small portion reflects a change in market mix. (This mix change consists of a big increase in mid- to high-end sales over the last year and a big decline in sales of lower-cost distressed properties.)

In September, the lowest-cost third of the region's housing stock saw a 23.2 percent year-over-year rise in the median price paid per square foot for resale houses. The annual gain was 24.8 percent for the middle third of the market and 18.5 percent for the top, most-expensive third.

Sales activity in the middle and upper price ranges continues to far outpace sales in the more affordable markets.

Last month the number of homes that sold from $300,000 through $800,000 – a range that would include many move-up buyers – rose 25.5 percent year-over-year. The number that sold for $500,000 or more jumped 42.1 percent from one year earlier, while $800,000-plus sales rose 43.4 percent.

In September, 32.7 percent of all Southland home sales were for $500,000 or more, down from a revised 33.3 percent of sales the month before and up from 23.9 percent a year earlier.

The number of Southland homes that sold below $200,000 last month dropped 36.5 percent year-over-year, while sales below $300,000 fell 25.3 percent. Low-end sales have been relatively weak largely because of an inadequate supply of homes for sale. Many owners still can’t afford to sell their homes because they owe more than they are worth, and lenders aren’t foreclosing on as many properties, further limiting supply.

In September, foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 6.3 percent of the Southland resale market. That was down from a revised 6.9 percent the month before and down from 16.6 percent a year earlier. Last month’s foreclosure resale rate was the lowest since it was 5.5 percent in May 2007. In the current cycle, 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 13.1 percent of Southland resales last month. That was the lowest level since it was 12.9 percent in May 2009. Last month’s short sale figure was down from an estimated 13.3 percent the month before and down from 28.0 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 26.3 percent of the Southland homes sold last month, which is the lowest share for any month since it was 25.1 percent in November 2011. Last month’s level was down from a revised 26.7 percent the month before and down from 27.7 percent a year earlier. The absentee share has ratcheted down gradually each month this year since hitting a record 32.4 percent in January. The monthly average since 2000, when the absentee data begin, is 18.4 percent. Last month’s absentee buyers paid a median $305,000, down from $310,000 the month before and up 27.6 percent from a year earlier.

After hitting a peak earlier this year, the share of homes flipped had generally trended flat to lower, but rose modestly in September. Last month 6.2 percent of all Southland homes sold on the open market had previously sold in the prior six months. That’s up from 5.9 percent in August and up from 5.5 percent in September 2012. (The figures exclude homes resold after being purchased at public foreclosure auction sales on the courthouse steps).

Buyers paying with cash accounted for 27.6 percent of last month's home sales, down from 28.4 percent the month before and down from 32.2 percent a year earlier. The cash share of purchases has declined each month since hitting an all-time peak of 36.9 percent this February, and in September was at its lowest level since it was 26.2 percent in September 2010. Since 1988 the monthly average for cash buyers is 16.2 percent of all sales. Cash buyers paid a median $335,000 last month, up 35.6 percent from a year ago.

Credit conditions showed little change last month.

In September, 11.9 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – the highest for any month since ARMs were 12.6 percent of the market in July 2008. Last month’s ARM level was up from an ARM share of 11.7 percent the prior month and 5.8 percent a year earlier. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.5 percent of last month’s Southland purchase lending. That was down from 27.6 percent the prior month and up from 20.7 percent a year earlier. In the months leading up to the credit crunch that struck in August 2007, jumbos accounted for around 40 percent of the home loan market.

The most active lenders to Southern California home buyers last month were Wells Fargo with 8.7 percent of the purchase loan market, Bank of America with 2.6 percent and JP Morgan Chase with 2.5 percent.

All lenders combined provided $6.02 billion in mortgage money to Southern California home buyers in September, down from $6.58 billion in August and up from $4.47 billion in September last year.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 19.0 percent of all purchase mortgages last month. That was down slightly from 19.1 percent the month before and down from 25.7 percent a year earlier. In recent months the FHA share has been the lowest since spring 2008. The decline reflects tighter FHA qualifying standards implemented in recent years as well as the difficulties first-time buyers have competing with investors and cash buyers.

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 $1,547, down from $1,555 the month before and up from $1,144 a year earlier. Adjusted for inflation, last month’s typical payment was 35.5 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 47.2 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and 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, visit DQNews.com.

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

Copyright 2013 DataQuick. All rights reserved.

Friday, October 4, 2013

August Las Vegas Home Sale Press Release

Las Vegas Region August Home Sales


Las Vegas-area home sales dipped in August as foreclosure resales continued to wane and a surge in sales above $300,000 failed to compensate for a sharp drop in sub-$200,000 activity. The median price paid for a home – $177,000 – rose above a year earlier for the 17th consecutive month and reached a 57-month high, a real estate information service reported.

In August, 4,713 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 2.1 percent from both the month before and a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between July and August have risen 6.7 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. The August dip in total sales follows year-over-year gains in sales during the prior four months.

Total August sales in the Las Vegas region were the lowest for that month since August 2010 and were 7.7 percent below the average number of homes sold during all months of August since 1994. However, resales of houses and condos combined were 13.0 percent above average for the month of August, while sales of newly built homes were 49.6 percent below average.

The number of mid- to high-end home sales rose sharply again from year-ago levels, while low-end activity plummeted.

Sales of homes priced below $100,000 dropped 49.9 percent in August compared with a year earlier, while the number of transactions below $200,000 fell 24.9 percent year-over-year. The number of homes that sold for more than $200,000 shot up 69.8 percent year-over-year, pushed up by the combination of home price appreciation and strong demand in mid- to high-end markets. August sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 70.9 percent from a year earlier, while the number selling over $500,000 rose 58.0 percent.

The Las Vegas region’s August median sale price of $177,000, which reflects sales of new and existing houses and condos, is the highest for any month since the median was $190,000 in November 2008. The August median rose 2.3 percent from the prior month and increased 33.1 percent from a year earlier. The median’s year-over-year gains over the past 17 consecutive months have ranged from 1.7 percent to 35.3 percent. Those gains have been double-digit for the last 14 months.

Recent sharp increases in the median sale price reflect two factors: First, prices have risen as strong housing demand, fueled in large part by low mortgage rates, has met a relatively low supply of homes for sale. Second, the median has been influenced by changes in market mix – fewer of the homes re-selling now are low-cost distressed properties, and more are move-up homes in mid- to high-priced neighborhoods.

Despite the median’s year-over-year surge in August, it was still 43.3 percent below its November 2006 peak of $312,000. The median has been rising off a cyclical trough of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

To view the Las Vegas highlight charts for August, visit DQNews.com.