Wednesday, February 27, 2013

January Las Vegas Home Sale Press Release

Las Vegas Region January Home Sales


Las Vegas-area home sales fell short of a year earlier for the eighth consecutive month in January amid a tight supply of homes for sale and far fewer foreclosure resales. The combination of demand outweighing supply and a shift in market mix pushed the median sale price up at its fastest year-over-year clip – 31.8 percent – in nearly eight years, a real estate information service reported.

In January, 3,619 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 19.2 percent from the month before and down 10.5 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A drop in sales between December and January is normal for the season, with the change between those two months averaging a decline of 23.5 percent since 1994, when DataQuick’s complete Las Vegas area statistics begin.

Last month's total sales were the lowest for the month of January in three years and were 2.7 percent below the average number of homes sold during all months of January since 1994. However, if newly built homes are excluded, last month’s sales were above average. Resales of houses and condos combined were 21.8 percent higher than average for the month of January, while sales of newly built homes were 50.3 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising in recent months, increasing 69.5 percent in January compared with a year earlier. Last month’s new-home sales were the highest for a January in five years.

In the overall market in January, sales of mid- to high-cost homes continued to jump compared with year-ago levels, while the number of low-end deals fell sharply.

Sales of homes priced below $100,000 delcined 47.2 percent in January compared with a year earlier. The number of transactions below $200,000 fell 23.5 percent year-over-year. January sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 53.3 percent from a year earlier, while the number sold over $500,000 rose 76.9 percent. (Sales from $200,000 to $500,000 accounted for 25.9 percent of all sales, while the $500,000-plus market made up about 2.6 percent of all sales).

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in January was $145,000, down 0.1 percent from $145,106 the prior month and up 31.8 percent from a year earlier. The median has risen year-over-year for 10 consecutive months. The previous annual gains were 26.2 percent in December, 23.9 percent in November, 19.2 percent in October, 19.1 percent in September, 18.2 percent in August, 12.1 percent in July, 8.7 percent in June, 4.3 percent in May, and 1.7 percent in April. Prior to April last year, the Las Vegas region median price fell year-over-year for 18 consecutive months.

The last time the year-over-year increase in the Las Vegas-area median sale price exceeded last month’s 31.8 percent was in February 2005, when the region’s $269,289 median jumped 34.6 percent compared with a year earlier.

Recent sharp gains in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as a change in the market mix: Fewer of the homes re-selling now are lower-cost foreclosed properties, and more are mid-to high-end homes. Included in the latter group are newly built homes, which on average are more expensive than resale homes. In January, new homes accounted for 17.3 percent of total sales, up from 9.2 percent of sales a year earlier.

Despite its large year-over-year increase, January's median sale price was 53.5 percent below its November 2006 peak of $312,000. The median has been rising off a cyclical low point of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – rose to $80 in January. That was up 2.6 percent from December and up 25.0 percent from a year earlier, marking the eighth consecutive month with a year-over-year gain. (The $64 median per square foot paid in January 2012 was the lowest for any month since at least 1994.) Last month’s median paid per square foot was 57.9 percent lower than the peak $190 paid per square foot in May and June 2006.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 14.9 percent of Las Vegas resale activity in January. That was up from 11.7 percent the month before and down from 52.6 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – accounted for an estimated 34.9 percent of the Las Vegas-area resale market in January. That compares with an estimated 43.6 percent the prior month and 27.5 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past eight months.

In the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County plummeted. However, in recent months NODs have trended higher compared with a year earlier. In January, lenders filed NODs on 2,020 single-family houses and condo units, up 18.1 percent from the prior month and up 92.7 percent from a year earlier. The notice of default is the first step in the formal foreclosure process.

In January, lenders foreclosed on 817 single-family house and condo units in the Las Vegas region, up 17.0 percent from the month before and down 57.7 percent from a year earlier.

Many of these distressed homes are purchased by investors, who continue to account for a near-record share of all sales.

Absentee buyers – mainly investors and vacation-home buyers – purchased 50.2 percent of all homes sold in the Las Vegas area in January. That was down a tad from 50.6 percent the month before and up from 49.1 percent a year earlier. The peak was 51.2 percent in March 2012. Absentee buyers paid a median $122,500 in January, up 36.1 percent from $90,000 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

In January, 123 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was down from 131 multi-home buyers during January 2012, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In January, multi-home buyers purchased 441 homes in the Las Vegas area, which amounts to 12.2 percent of all homes sold and represents a 21.2 percent increase from the number of properties that multi-home buyers purchased in January 2012. There were 34 buyers in January 2013 that each purchased three or more homes, but only six bought 10 or more. Combined, the six buyers who purchased 10 or more homes in January 2013 acquired 170 homes, or about 38.5 percent of all homes bought by multi-home buyers. In January 2012, three purchasers bought 10 or more homes, buying a total of 50 properties.

Cash buyers purchased 53.2 percent of the Las Vegas-area homes that sold in January. That was up from a cash-buyer share of 52.8 percent of total sales the month before and down a hair from 53.7 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Cash buyers paid a median $120,000 in January, up 50.0 percent from $81,000 a year earlier.

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

Media calls: Andrew LePage (916) 456-7157


Copyright 2013 DataQuick. All rights reserved.

Thursday, February 14, 2013

January California Home Sale Press Release

California January Home Sales


February 14, 2013

An estimated 28,871 new and resale houses and condos sold statewide last month. That was down 27.4 percent from 39,760 in December, and up 2.7 percent from 28,111 sales in January 2012, according to San Diego-based DataQuick.

A sales decline from December to January is normal for the season. January sales in California have varied from a low of 19,145 in 2008 to a high of 47,138 in 2004. Last month's sales were 8.7 percent below the average of 31,607 sales for all months of January since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $290,000, down 3.0 percent from $299,000 in December and up 22.9 percent from $236,000 in January 2012. January marked the 11th consecutive month in which the state's median sale price rose year-over-year. Last month's gain was the highest since January 2005, when the median at that time, $399,500, also rose 22.9 percent year-over-year. In March/April/May 2007 the median peaked at $484,000, then it declined to a low of $221,000 in April 2009.

Of the existing homes sold in January, 18.7 percent were properties that had been foreclosed on during the past year. That was up from a revised 15.8 percent in December and down from 34.3 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 26.1 percent of the homes that resold statewide last month. That was down from an estimated 26.4 percent the month before and 27.0 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,030. That was down from $1,054 in December and up from $906 a year earlier. Adjusted for inflation, the year-ago payment was the lowest in DataQuick's records. Last month's typical payment was 54.7 percent below the 1989 peak of the prior real estate cycle, and 63.2 percent below the 2006 peak of the current cycle.

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

Indicators of market distress continue to decline. Foreclosure activity has been trending lower and remains well below peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

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

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

January Bay Area Home Sale Press Release

Bay Area Housing Market Continues Off—Bottom Bounce


February 14, 2013

La Jolla, CA.--Turnaround trends continued apace in the Bay Area housing market last month with the strongest January sales in six years and the tenth straight year-over-year increase in the median sale price, a real estate information service reported.

A total of 5,501 new and resale houses and condos were sold in the nine-county Bay Area last month. That was down 28.4 percent from 7,688 in December, and up 3.2 percent from 5,330 for January a year ago, according to San Diego-based DataQuick.

Sales always drop from December to January. While still below the long-term January average of 6,094, last month’s sales count was the strongest since 6,168 homes were sold in 2007. The strongest January in DataQuick’s records, which go back to 1988, was in 2005 when 8,298 homes sold. The slowest sales were in 2008, when 3,586 sold.

“When we look carefully at underlying trends, it’s obvious that the market is still far from normal. The mortgage market is still dysfunctional. Relative sales rates between categories are lopsided. That said, the market imbalances are moving toward normalcy, with baby steps,” said John Walsh, DataQuick president.

The median price paid for a home in the nine-county Bay Area was $415,000 in January. That was down 6.3 percent from $442,750 in December, and up 27.3 percent from $326,000 in January a year ago.

A drop in the median sale price from December to January is normal for the season. At least half of the year-over-year increase in the January median is the result of changes in market mix, with sales shifting away from low-cost distress homes toward more mid-market and move-up homes.

The median reached a high of $665,000 in June/July 2007 and then fell to a low of $290,000 in March 2009. On a year-over-year basis, the median dropped more than 30 percent each month from August 2008 through May 2009. At the median's current rate of increase, it will recover about half of its peak-to-trough loss sometime this spring.

The number of homes sold for less than $500,000 last month fell 17.9 percent year-over-year, while the number sold for more than $500,000 increased 45.4 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 37.7 percent of the resale market. That was up from 35.3 percent in December and down from 55.6 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 14.4 percent of resales in January, up from a revised 12.1 percent in December, and down from 27.2 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 about 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 23.3 percent of Bay Area resales last month. That was up from an estimated 23.2 percent in December and down from 28.1 percent a year earlier.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 38.0 percent of last month’s purchase lending, down from a revised 40.3 percent in December, and up from 23.6 percent a year ago. Jumbo usage dropped to a low of 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 11.4 percent of the Bay Area’s home purchase loans. That was up from 11.1 percent in December, and down from 11.7 percent in January last year. Since 2000, ARMs have accounted for 48.6 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 15.5 percent of all Bay Area purchase mortgages in January, down from 18.9 percent in December and down from 23.6 percent a year earlier. In recent months the FHA level has the 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.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 13.4 percent of the market, Stearns Lending with 3.9 percent, and RPM Mortgage with 3.6 percent. Bank of America, which had 2.9 percent of the Bay Area market last month, recently announced that it was gearing up for a “new run” at the mortgage market. The bank had around 10 percent of the Bay Area market two years ago.

Last month absentee buyers – mostly investors – purchased 26.7 percent of all Bay Area homes, an all-time high (absentee statistics go back to January 2000). Last month's absentee level was up from a revised 26.0 percent in December, and up from 25.2 percent a year ago. Absentee buyers paid a median $300,000 in January, up 33.3 percent from $225,000 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 28.5 percent of sales in January. That was down from 29.8 percent in both December and January 2012. The monthly average going back to 1988 is 12.9 percent. Cash buyers paid a median $300,000 in January, up 33.3 percent from $225,000 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 Mateo and San Francisco counties. Statistics for those three counties have been revised for 2011 and 2012.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,474. That was down from $1,561 in December, and up from $1,233 a year ago. Adjusted for inflation, last month’s payment was 47.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 61.1 percent below the current cycle's peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity has been trending lower and remains well below peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

To see the county-level chart, please visit DQNews.com.

Source: DataQuick, www.DQNews.com

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

Wednesday, February 13, 2013

January Southland Home Sale Press Release

Southland Begins 2013 With Sales and Price Gains Vs. Year Earlier


February 13, 2013

La Jolla, CA---Southern California's housing market started 2013 with the highest January home sales in six years as sales to investors and cash buyers hovered near record levels and move-up activity remained relatively brisk. The median price paid for a Southland home dipped slightly from December, as it normally does, but jumped 23.5 percent above the year-ago level, a real estate information service reported.

A total of 16,058 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 20.8 percent from 20,274 sales in December, and up 10.6 percent from 14,523 sales in January 2012, according to San Diego-based DataQuick.

A drop in sales from December to January is normal for the season, and on average sales have fallen 27.8 percent between those two months since 1988, when DataQuick’s statistics begin. Last month’s sales were the highest for the month of January since 18,128 homes sold in January 2007, though they were 8.8 percent below the January average of 17,609 sales. The low for January sales was 9,983 in 2008, while the high was 26,083 in 2004.

The median price paid for a home in the six-county Southland was $321,000 last month, down 0.6 percent from $323,000 in December and up 23.5 percent from $260,000 in January 2012. The December 2012 median was the highest for any month since the median was $330,000 in August 2008. The Southland median has increased year-over-year for ten consecutive months.

“This fledgling housing recovery has momentum. Already, price hikes have caused some to question whether it's sustainable, whether it's a 'bubble.' Let's not forget, though, that we're still climbing out of a deep hole from the housing downturn. Regional home sales remain sub-par and prices in many areas are at least 30 to 40 percent below their peaks. That's not to say we don't see risks. Sharp price gains can attract speculation, which could lead to unsustainable, short-term gains in certain submarkets. A lot of today's housing demand is fueled not by spectacular job growth and soaring consumer confidence, but by super-low mortgage rates and unusually high levels of investor and cash purchases. Take away any one of those elements and it will matter,” said John Walsh, DataQuick president.

“For the overall market, price pressures should gradually ease as more homeowners react to rising values. This is the 'supply response' many analysts expect. The idea is that many who've held out for higher prices will be tempted to stick a for-sale sign in the front yard. Fewer will owe more than their homes are worth, enabling them to sell. Construction is already rising, and we could see lenders clear backlogs of distressed properties faster, adding to the supply.”

Roughly half of the median sale price's ups and downs the last five years has been the result of shifts in the types of homes sold. When looking at one single sub-category, the median price paid for a 3-bedroom, 2-bathroom, 1,250-to-1,450-square-foot house built between 1950 and 1985 was $315,000 last month, up 1.9 percent from $309,000 in December, and up 13.7 percent from $277,000 a year ago.

The move-up market continued to post sizeable sales gains last month. January sales between $300,000 and $800,000 – a range that would include many first-time move-up buyers – shot up 49.6 percent year-over-year. Sales over $500,000 jumped 74.0 percent from one year earlier, while sales over $800,000 rose 84.2 percent compared with January 2012.

Last month 24.7 percent of all Southland home sales were for $500,000 or more, compared with 26.1 percent in December (the highest level since July 2008), and 16.4 percent in January 2012.

Sales continued to fall on a year-over-year basis in many lower-cost communities. The number of homes that sold below $200,000 fell 23.5 percent year-over-year, while sales below $300,000 dipped 12.2 percent. Sales in many affordable markets have been limited by the lack of inventory, caused largely by the slowdown in foreclosures and the relatively high percentage of owners who can’t afford to move because they owe more than their homes are worth.

Last month foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 15.0 percent of the Southland resale market. That was up slightly from 14.2 percent the month before and down from 32.6 percent a year earlier. In recent months foreclosure resales have been at the lowest level since September 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 25.9 percent of Southland resales last month. That was down from an estimated 26.5 percent the month before and 27.2 percent a year earlier.

Once again investor and cash buying was at or near record levels.

Absentee buyers – mostly investors and some second-home purchasers – bought a record 30.7 percent of the Southland homes sold in January. That was up from a revised 30.4 percent the prior month and 28.0 percent a year earlier. The monthly average since 2000 is 17.8 percent. Last month’s absentee buyers paid a median $260,000, up 33.3 percent from a year earlier.

Buyers paying with cash accounted for 34.9 percent of last month's home sales, compared with a record 35.7 percent the month before and 32.2 percent a year earlier. Since 1988 the monthly average is 15.8 percent. Cash buyers paid a median $268,000 last month, up 34.0 percent from a year ago.

Meantime, credit conditions appeared to have changed little.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 21.6 percent of last month’s Southland purchase lending, down from 22.8 percent the prior month and up from 13.6 percent a year earlier. The December 2012 figure was the highest for any month since September 2007, when jumbos made up 26.9 percent of the purchase loan market. In the months leading up to the credit crunch that struck in August 2007, jumbos made up close to 40 percent of the market.

With fixed rates on 30-year loans so low, and aversion to risk in the marketplace high, the use of adjustable-rate mortgages (ARMs) remains very low in an historical context. Last month 5.8 percent of Southland home purchase loans were ARMs, compared with 6.2 percent the prior month and 6.0 percent a year earlier. Since 2000, a monthly average of about 33 percent of Southland purchase loans were ARMs.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 23.5 percent of all purchase mortgages last month. That was up from 23.2 percent the month before and down from 31.1 percent a year earlier. In recent months the FHA share has been the lowest since summer 2008. The decline reflects tighter FHA qualifying standards implemented in recent years as well as the difficulties first-time buyers are having competing with investors in the housing market.

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 $1,140, up a hair from a revised $1,139 the month before and up from $983 a year earlier. Adjusted for inflation, last month’s typical payment was 51.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 60.3 percent below the current cycle’s peak in July 2007.

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

To view the county level chart, visit DQNews.com.

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

Copyright 2013 DataQuick. All rights reserved.

Wednesday, February 6, 2013

2012 California Cash Home Sales Press Release

Record Number of California Homes Bought with Cash


February 6, 2013

The number of California homes purchased with cash reached an all-time high last year, the result of high investor interest, a difficult mortgage environment, and perceived higher returns on investment, a real estate information service reported.

A total of 145,797 condos and houses were bought without mortgage financing in 2012, a record. That was up from 125,812 in 2011, the previous high. In 2007, as the housing market deflated, cash sales totaled 39,731, according to San Diego-based DataQuick.

"It's clear that a lot of today's housing market recovery is being fueled by people putting their own money into homes. Some cash buying is part of a normal housing market, but we're at twice that normal rate. There are always some rich people, also buyers from abroad, but in a normal market the biggest single category would be retirees and empty-nesters who are down-sizing. Today, a lot of buyers are chasing what they view as the deal of a lifetime," said John Walsh, DataQuick president.

Cash purchases accounted for a record 32.4 percent of California's overall home sales last year, up from 30.4 percent in 2011 and more than double the annual average of 15.6 percent since 1991, when DataQuick's cash statistics begin.

"I'm sure a lot of today's cash buyers would love to take advantage of the current low mortgage interest rates, but since the 'loans-gone-wild' days of 2004-2006, the lending pendulum has swung to the opposite end of the spectrum. Even a lot of well-qualified buyers can't get loans. While the market overall is improving, sales levels are still below average, and prices much closer to the bottom than to the peak," he said.

Last year a total of 447,573 homes were sold in California to all buyers, whether they used a loan or cash. While up from the cyclical low of 383,748 sales in 2007, last year's total was well below the peak of 775,831 sales in 2004, and it was about 13 percent below the state's average annual home sales since 1988.

The median price paid for a California home, whether financed or bought with cash, was $275,000 in 2012, up 10.0 percent from $250,000 in 2011. The annual median peaked at $469,500 in 2006, and bottomed out at $245,000 in 2009. Around half of the median's peak-to-trough drop can be attributed to shifts in market mix.

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

Cash buyers paid a median $205,000 last year, up 17.1 percent from $175,000 in 2011. Buyers who financed with a mortgage paid a median $305,000 in 2012, up 10.5 percent from $276,000 a year earlier, DataQuick reported.

Last year more all-cash deals occurred above the $500,000 threshold, and fewer below $100,000. Cash-only purchases of $500,000 or more rose 35.0 percent compared with 2011. That compares with an 11.2 percent decline in the number of homes cash buyers purchased below $100,000.

Some buyers in the mid- to high-priced markets used cash either because they couldn't qualify for a loan or wanted to better their chances of prevailing in bidding situations. It's likely that in the sub-$100,000 market cash-paying investors simply couldn't find enough homes for sale in that price range. Inventory in affordable neighborhoods has generally been low because foreclosures have slowed, meaning less supply, and many people in these areas still owe more than their homes are worth, hence they can't sell.

Investors and vacation-home buyers bought roughly 55 percent of all homes purchased with cash last year. Multi-home buyers, meaning those purchasing two or more properties, accounted for about 28 percent of last year's cash sales, up from around 24 percent in 2011, according to an analysis of buyer names in the public record.

Last year more than 11,700 cash-paying, multi-home buyers collectively purchased about 41,450 homes. Compared with 2011, that marked a nearly 19 percent increase in the number of multi-home buyers and a roughly 36 percent jump in the number of homes they bought. In 2012, individual investors or partnerships paying cash bought as many as 1,300 homes, although the vast majority (88 percent) of these multi-home cash buyers bought fewer than five, and 65 percent bought two.

While cash purchases are up in all areas, there are regional differences. For example, in San Mateo County 24.2 percent of the purchases were cash, while in Merced County it was 42.9 percent.

Among the California zip codes with at least 100 sales last year, the two with the highest cash purchase rate were in Orange County's Laguna Woods 92637, with 74.0 percent of the homes sold going to cash buyers, and Riverside County's Indian Wells 92210, with 71.6 percent.

To see the county-by-county cash percentages, visit DQNews.com.

Source: DataQuick; DQNews.com

Media calls: Andrew LePage (916) 456-7157

Copyright 2013 DataQuick Information Systems. All rights reserved.

Friday, February 1, 2013

December Las Vegas Home Sale Press Release

Las Vegas Region December Home Sales


Las Vegas-area home sales fell on a year-over-year basis for the seventh consecutive month in December as buyers struggled with a tight inventory of homes for sale and foreclosure resales continued to dwindle. The median sale price -- boosted by both price appreciation and the market's shift toward more mid- to high-end transactions -- rose to the highest level in nearly four years, a real estate information service reported.

In December, 4,476 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 8.0 percent from the month before and down 7.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

The region's sales typically rise between November and December, with that gain averaging 12.3 percent since 1994, when DataQuick’s complete Las Vegas area statistics begin.

December's total sales were the lowest for that month in four years and were 8.4 percent below the average number of homes sold during all months of December since 1994. However, if newly built homes are excluded, sales were above average. Resales of houses and condos combined were 23.1 percent higher than average for the month of December, while sales of newly built homes were 59.4 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising in recent months, increasing 41.5 percent in December compared with a year earlier. December’s new-home sales were the highest for a December in five years.

In the overall market in December, sales of mid- to high-cost homes continued to jump compared with year-ago levels, while the number of low-end deals fell sharply.

Sales of homes priced below $100,000 fell 44.5 percent in December compared with a year earlier. Transactions below $200,000 declined 18.5 percent year-over-year. December sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 40.0 percent from a year earlier, while sales over $500,000 rose 37.1 percent. (Sales from $200,000 to $500,000 accounted for 26.4 percent of all activity, while the $500,000-plus market made up about 2.2 percent of all sales).

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in December was $145,203, which is the highest since the median was $152,500 in February 2009. The December median was up 1.9 percent from November and up 26.3 percent from a year earlier. The median has risen year-over-year for nine consecutive months. The previous annual gains were 23.9 percent in November, 19.2 percent in October, 19.1 percent in September, 18.2 percent in August, 12.1 percent in July, 8.7 percent in June, 4.3 percent in May, and 1.7 percent in April. Prior to April last year, the Las Vegas region median price fell year-over-year for 18 consecutive months.

The recent sharp gains in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as a change in the market mix: Fewer of the homes re-selling are lower-cost foreclosed properties, and more are mid-to high-end homes. Included in the latter is the increase in sales of newly built homes, which on average are more expensive than resale homes. In December, new homes accounted for 16.9 percent of total sales, up from 11.0 percent of sales a year earlier.

The December median sale price was 53.5 percent below the median’s November 2006 peak of $312,000. The median has been rising off a cyclical low point of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

An alternative home-price gauge – the median paid per square foot for resale single-family detached houses – rose to $78 in December. That was up 2.6 percent from November and up 20.0 percent from a year earlier, marking the seventh consecutive month with a year-over-year gain. (Last January’s $64 median per square foot was the lowest for any month since at least 1994.) The December 2012 figure was 59.0 percent lower than the peak $190 paid per square foot in May and June 2006.

Foreclosure resales continued to wane in December, while short sales made up a substantially higher share of the resale market compared with a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.7 percent of Las Vegas resale activity in December – the lowest since June 2007, when it was 11.0 percent. December's figure was down from 13.5 percent the month before and 52.3 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – accounted for an estimated 43.5 percent of the Las Vegas-area resale market in December. That compares with an estimated 41.5 percent the prior month and 27.9 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past seven months.

In the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties, the number of notices of default (“NODs”) filed in Clark County plummeted. However, over the past few months NODs have trended higher compared with a year earlier. In December, lenders filed NODs on 1,711 single-family houses and condo units, up 2.5 percent from the prior month and up 85.8 percent from a year earlier. In 2012, lenders filed 17,666 NODs, down 59.7 percent from 2011. The notice of default is the first step in the formal foreclosure process.

In December, lenders foreclosed on 697 single-family house and condo units in the Las Vegas region, up 10.5 percent from the month before and down 60.2 percent from a year earlier. Last year lenders foreclosed on 13,087 homes, down 60.0 percent from 2011.

Many of these distressed homes are purchased by investors, who continue to account for a near-record share of all sales.

Absentee buyers – mainly investors and vacation-home buyers – purchased 50.6 percent of all homes sold in the Las Vegas area in December. That was up from 49.0 percent the month before and up from 47.2 percent a year earlier. The peak was 51.2 percent last March. Absentee buyers paid a median $125,000 in December, up 31.6 percent from $95,000 a year earlier. Absentee buyers are those who indicated at the time of sale that the property tax bill will go to a different address.

In December, 135 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was down from 157 multi-home buyers during December 2011, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In December 2012, multi-home buyers purchased 512 homes, which amounts to 11.4 percent of all homes sold and represents a nearly 24 percent increase from the number of properties that multi-home buyers purchased in December 2011. There were 44 buyers in December 2012 that each purchased three or more homes, but only eight of them bought 10 or more. Combined, the eight buyers who purchased 10 or more homes in December 2012 acquired 185 homes, or about 36 percent of all homes bought by multi-home buyers. In December 2011, two purchasers bought more than 10 homes, buying a total of 38 properties.

Cash buyers purchased 52.8 percent of the Las Vegas-area homes that sold in December. That was up from a cash-buyer share of 50.7 percent of total sales the month before and up from 48.9 percent a year earlier. The peak was 56.7 percent in February 2011. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Cash buyers paid a median $120,000 in December, up 48.1 percent from $81,000 a year earlier.

To see the home sale chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157


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