Wednesday, May 22, 2013

April Las Vegas Home Sale Press Release

Las Vegas Region April Home Sales


Las Vegas-area homes sold at the fastest pace for an April in seven years as investor and cash buying neared record levels and sales in the $200,000-to-$500,000 range soared 81 percent from a year ago. The median price paid for a home rose to the highest level in nearly four and a half years, driven up by price appreciation, a surge in mid- to up-market activity and a big drop in foreclosure resales, a real estate information service reported.

In April, 4,869 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 8.6 percent from the month before and up 7.0 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 declined 4.2 percent between March and April since 1994, when DataQuick’s complete Las Vegas-area statistics begin. Last month's year-over-year increase in total sales follows 10 consecutive months of year-over-year declines.

Total April sales were the highest for that month since April 2006, when 6,663 homes sold, and last month's sales were 4.6 percent above the average number of homes sold during all months of April since 1994. Resales of houses and condos combined were 29.6 percent higher than average for the month of April, while sales of newly built homes were 50.8 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising in recent months, increasing 39.6 percent in April compared with a year earlier. New-home sales this April were the highest for that month in five years.

Sales of mid- to high-cost homes continued to jump compared with year-ago levels, while the number of low-end deals plunged.

Sales of homes priced below $100,000 dropped 42.2 percent in April compared with a year earlier, while the number of transactions below $200,000 fell 13.2 percent year-over-year. Sales above $200,000 surged 85.9 percent year-over-year, pushed up by the combination of home price appreciation and the increase in sales in mid- to high-end markets. April sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 80.9 percent from a year earlier, while the number sold over $500,000 rose 138.5 percent. (Sales from $200,000 to $500,000 accounted for 30.7 percent of all sales, while the $500,000-plus market made up 3.9 percent of all sales).

Last month 34.6 percent of the sales were for more than $200,000 -- the highest level in 52 months (since December 2008) and up from 19.8 percent a year ago. Sales below $100,000 represented 21.7 percent of all April transactions -- the lowest level since December 2008 and down from 40.0 percent a year earlier.

Among the larger cities in the region, total April sales rose 7.1 percent from a year earlier in Henderson, which had a median sale price of $195,000 last month, up 25.8 percent year-over-year. Sales increased 9.1 percent from a year earlier in Las Vegas, which posted a $159,000 median, up 39.5 percent year-over-year. Sales fell 8.9 percent year-over-year in North Las Vegas, where the April median sale price was $135,100, up 32.5 percent from a year ago.

The median price paid for all new and resale houses and condos sold across the Las Vegas region (Clark County) in April was $160,000, which is the highest for any month since the median was $175,000 in December 2008. Last month's median rose 3.2 percent from $155,000 in March and shot up 34.5 percent from $119,000 in April 2012. The median has risen year-over-year for 13 consecutive months, with those gains ranging from 1.7 percent to 34.8 percent. Those annual gains have been double-digit for the past 10 consecutive months.

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 changes in market mix. Fewer of the homes re-selling now are low-cost foreclosed properties, and more are mid-to high-end homes. Included in the latter group are newly built homes, which on average sell for more than resale homes. In April, new homes accounted for 14.6 percent of total sales, up from 11.2 percent of sales a year earlier.

Despite the median’s year-over-year surge in April, it was still 48.7 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 $89 in April. That was up 3.5 percent from March and up 32.8 percent from a year earlier, marking the 11th consecutive month with a year-over-year gain. April’s median paid per square foot was 53.2 percent lower than the peak $190 paid per square foot in May and June 2006.

The median paid per square foot for resale condos in April was $73, up 33.0 percent from a year ago.

Other Las Vegas region April highlights:
•Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 12.2 percent of Las Vegas resale activity in April. That was down from 13.6 percent the month before and 43.7 percent a year earlier. Foreclosure resales, which peaked at 73.7 percent of the resale market in April 2009, have dipped in recent months to the lowest level since summer 2007.
•Short sales – transactions where the sale price fell short of what was owed on the property – accounted for an estimated 30.3 percent of the Las Vegas-area resale market in April. That compares with an estimated 33.1 percent the prior month and 29.4 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past 11 months.
•Sales of multi-million-dollar homes rose sharply. Last month 11 houses and condos sold for $2 million or more, up from one such sale in April 2012. During the first four months of this year 33 homes sold for $2 million-plus, nearly double the number -- 17 -- sold in the same period in 2012.
•Absentee buyers – mainly investors and vacation-home buyers – purchased 53.1 percent of all homes sold in the Las Vegas area last month. That was down a tad from a record 53.2 percent the month before and up from 50.5 percent a year earlier. Absentee buyers paid a median $136,000 last month, up 41.7 percent from 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 April, 179 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was up 26.1 percent from 142 multi-home buyers during April 2012, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In April this year, multi-home buyers purchased 813 homes in the Las Vegas area, which amounts to 16.7 percent of all homes sold and represents a nearly 80 percent increase from the number of properties that multi-home buyers purchased in April 2012. There were 26 buyers in April 2013 that each purchased five or more homes, but only 10 bought 10 or more. Combined, the buyers who purchased 10 or more homes in April 2013 acquired 360 properties, or 44.3 percent of all homes bought by multi-home buyers. In April 2012, three purchasers bought 10 or more homes, acquiring a total of 81 properties.
•Cash buyers purchased 56.6 percent of the Las Vegas-area homes that sold in April -- the highest level since a record 56.7 percent of sales were to cash buyers in February 2011. Last month's figure was up from a cash-buyer share of 54.5 percent of total sales the month before and up from 53.6 percent a year earlier. Cash purchases are where there is no sign of a corresponding purchase mortgage in the public record. Cash buyers paid a median $135,000 in April -- the highest since it was $139,900 in December 2008. Last month's cash median was up 50.2 percent from a year earlier.
•In recent months the share of homes flipped has been running higher than a year earlier but it has trended downward mildly since this January. In April, 6.0 percent of all Las Vegas-area homes sold on the open market had previously changed hands in the prior six months. That was down from a flipping rate of 6.8 percent in March and up from 4.0 percent a year earlier. (The figures exclude homes that were resold after being purchased at public foreclosure auctions on the courthouse steps.)
•In April, lenders filed notices of default (“NODs”) on 2,128 single-family houses and condo units, up 3.7 percent from the prior month and up 66.3 percent from a year earlier. The notice of default is the first step in the formal foreclosure process. During the first four months of 2013 lenders filed 8,255 NODs, up 83.3 percent from the same period last year. It's likely that the recent surge in NOD filings is at least partly a reflection of lenders playing catch-up in the wake of an October 2011 Nevada law that created additional requirements for lenders trying to foreclose on properties. The number of NODs filed in Clark County plummeted for many months after that law took effect. Though up sharply from 2012, NOD filings so far this year (January through April) were 58.5 percent lower than during the same period in 2011.
•In April, lenders foreclosed on 608 single-family house and condo units in the Las Vegas area, down 11.4 percent from the month before and down 52.4 percent from a year earlier. During the first four months of 2013 lenders foreclosed on 2,808 homes, down 55.8 percent from the same period last year.

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

Media calls: Andrew LePage (916) 456-7157


Copyright 2013 DataQuick. All rights reserved.


Wednesday, May 15, 2013

April California Home Sales Press Release

California April Home Sales


May 15, 2013

An estimated 39,051 new and resale houses and condos sold statewide last month. That was up 3.4 percent from 37,764 in March, and up 2.1 percent from 38,241 sales in April 2012, according to San Diego-based DataQuick.

Last month's sales count was the strongest for an April since 48,894 homes were sold in April 2006. California April sales have varied from a low of 27,625 in 1995 to a high of 71,638 in 2004. Last month's sales were 11.1 percent below the average of 43,920 sales for all the months of April since 1988, when DataQuick's statistics begin.

The median price paid for a home in California last month was $324,000, which is the highest for any month since the median was $328,000 in June 2008. Last month's median was up 3.5 percent from $313,000 in March and up 22.7 percent from $264,000 in April 2012. April was the 14th consecutive month in which the state's median sale price rose year-over-year. 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, 13.5 percent were properties that had been foreclosed on during the past year – the lowest level since foreclosure resales were 12.6 percent of the resale market in September 2007. Last month’s figure was down from a revised 15.0 percent in March and 30.3 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 17.7 percent of the homes that resold last month. That was down from a revised estimate of 19.7 percent the month before and 23.9 percent a year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,157. That was up from $1,134 in March and up from $1,010 a year earlier. Adjusted for inflation, last month's typical payment was 49.8 percent below the 1989 peak of the prior real estate cycle, and 59.3 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 remains well below year-ago and 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.

April Bay Area Home Sale Press Release

Bay Area Median Sale Price Back Over $500,000; Sales Dip Below Year Ago


May 15, 2013

La Jolla, CA.--The median price paid for a Bay Area home moved above the half-million-dollar mark for the first time in almost five years, pushed up by pent-up demand, an improving economy, investor activity, low mortgage interest rates and constrained supply, as well as a continued decline in distressed sales, a real estate information service reported.

The median price paid in the nine-county Bay Area rose to $510,000 in April. That was up 17.0 percent from $436,000 in March, and up 30.8 percent from $390,000 in April a year ago, according to San Diego-based DataQuick.

The 17.0 percent month-to-month increase is the highest in DataQuick’s Bay Area statistics, which go back to 1988.

“There’s somewhat of a perfect storm here, statistically speaking. The pent-up demand, the economy, interest rates, investor buying. Everything is in alignment right now, but that won’t always be the case. Also, it’s easier to regain lost ground. A major element to watch for between now and fall is how many homes are put on the market at these higher price points,” said John Walsh, DataQuick president.

The Bay Area's median sale price first passed the $500,000 threshold in May 2004, when it rose to $501,000. It continued rising and held well above that level for four years, then dropped below $500,000 in June 2008 as home prices tumbled. From its $665,000 peak in June/July 2007 to its $290,000 trough in March 2009, the median plunged 56.4 percent, or $375,000. As of last month most of the Bay Area’s peak-to-trough loss had been regained. The median was up $220,000 from its March 2009 trough, meaning it had made up about 59 percent of its loss.

Much of the median's ups and downs the last five years can be attributed to shifts in the types of homes sold. When the recession hit, low-cost inland foreclosures dominated, while sales in mid- to high-end markets languished. In recent months the opposite has been the case: Sales of pricier move-up homes have surged and sales of low-cost foreclosures have plummeted.

It appears a little more than half of last month’s 30.8 percent year-over-year increase in the median was price appreciation, while the rest was shifts in market mix.

A total of 7,621 new and resale houses and condos were sold in the nine-county Bay Area in April. That was up 5.2 percent from 7,243 the month before, and down 0.6 percent from 7,667 for April a year ago. Sales have fallen year-over-year for three consecutive months, mainly reflecting the constrained inventory of homes for sale.

Historically, sales have increased an average of 4.2 percent from March to April. Since 1988, when DataQuick’s statistics begin, April sales have varied from 5,636 in 1995 to 14,430 in 2004. Last month’s sales were 15.6 percent below the April average of 9,033.

The number of homes that sold in April for less than $500,000 decreased 25.7 percent year-over-year, while the number sold for more increased 24.9 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up about 24 percent of the resale market. That was down from about 27 percent in March and 44 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 8.5 percent of resales in April, down from a revised 10.2 percent in March, and down from 21.9 percent a year ago. Last month was the lowest since 8.2 percent in October 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 15.0 percent of Bay Area resales last month. That was down from an estimated 16.4 percent in March and down from 22.1 percent a year earlier.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 48.1 percent of last month’s purchase lending, up from a revised 43.2 percent in March, and up from 35.8 percent a year ago. Last month’s jumbo share was the highest since August 2007 when it was 58.6 percent. Jumbo usage dropped as low as 17.1 percent in January 2009.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 14.4 percent of the Bay Area’s home purchase loans in April. That was up from a revised 13.1 percent in March, and down from 14.9 percent in April last year. Since 2000, ARMs have accounted for 48.2 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 April, down from 11.5 percent in March and down from 18.4 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 with competing with investors and other cash buyers.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 13.8 percent of the market, RPM Mortgage with 4.3 percent, and Stearns Lending with 3.7 percent.

Last month absentee buyers – mostly investors – purchased 24.2 percent of all Bay Area homes. That was down from a revised 27.0 percent in March, and up from 23.5 percent a year ago. Absentee buyers paid a median $362,000 in April, up 31.6 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 27.8 percent of sales in April. That was down from 30.8 percent the month before and down from 28.3 percent a year earlier. The monthly average going back to 1988 is 13.0 percent. Cash buyers paid a median $365,000 in April, up 35.2 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 $1,821. That was up from $1,581 in March, and up from $1,492 a year ago. Adjusted for inflation, last month’s payment was 35.8 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 52.6 percent below the current cycle's peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains high by historical standards but well below peak levels reached several years ago. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

To view the Bay Area 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, May 14, 2013

April Southland Home Sales Press Release

Highest Southland April Home Sales Since '06; Median Price Nears 5-Yr High


May 14, 2013

Southern California homes sold at the fastest pace for an April in seven years amid the release of pent-up demand for move-up homes and high levels of investor purchases. The median sale price rose to a 58-month high, reflecting both home price appreciation as well as the simultaneous plunge in foreclosure resales and surge in mid- to up-market buying, a real estate information service reported.

A total of 21,415 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 4.1 percent from 20,581 sales in March, and up 9.5 percent from 19,562 sales in April 2012, according to San Diego-based DataQuick.

On average, sales between March and April have risen 1.0 percent since 1988, when DataQuick’s statistics begin.

Last month’s sales were the highest for the month of April since 27,114 Southland homes sold in April 2006, but they were 11.8 percent below the April average of 24,291 sales. The low for April sales was 15,303 in 1995, while the high was 37,905 in April 2004.

“This is a market that is still re-balancing. Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle and high-end communities is on its way up. Now it's catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale,” said John Walsh, DataQuick president.

The median price paid for all new and resale houses and condos sold in the six-county Southland was $357,000 last month, up 3.3 percent from $345,500 in March and up 23.1 percent from $290,000 in April 2012. Last month's median was the highest since June 2008, when the median was $360,000.

The median has risen on a year-over-year basis for 13 consecutive months, and those gains have been double-digit – between 10.8 percent and 23.5 percent – since last August. Still, last month's median remained 29.3 percent below the peak $505,000 median in spring/summer 2007.

It appears that well over half of last month’s 23.1 percent year-over-year gain in the Southland median sale price reflects rising home prices, with the balance reflecting the change in market mix.

Some of the Southland's most affordable housing markets, where prices were beaten down the most during the foreclosure crisis, posted some of the largest price gains. In April, the lowest-cost third of the region's housing stock saw a 20.7 percent year-over-year gain in the median price paid per square foot for resale houses. The annual gain was 18.5 percent for the middle third of the market and 15.2 percent for the top third.

Sales rose 35.4 percent year-over-year in the $300,000 to $800,000 price range – a range that would include many move-up buyers. The number sold for $500,000 or more shot up 52.7 percent from one year earlier and was at the highest level in just over five and a half years. Sales of $800,000-plus homes increased 51.4 percent year-over-year.

In April, 29.9 percent of all Southland home sales were $500,000-plus – the highest for any month since April 2008, when 31.1 percent of sales reached or crossed the $500,000 threshold. Last month's $500,000-plus level was up from 27.9 percent of sales in March and 21.0 percent a year earlier.

The number of homes that sold below $200,000 last month declined 29.8 percent year-over-year, while sales below $300,000 dipped 21.1 percent. Sales in many affordable markets have been limited not by a lack of demand, but by a lack of supply. The latter has two main causes: First, a relatively high percentage of owners can’t afford to put their homes up for sale because they owe more than those homes are worth. Second, foreclosures are way down, further limiting the supply of homes for sale.

Last month foreclosure resales – homes foreclosed on in the prior 12 months – accounted for 12.4 percent of the Southland resale market. That was down from a revised 13.8 percent the month before and down from 28.8 percent a year earlier. Last month’s figure was the lowest since it was 10.0 percent in August 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 17.7 percent of Southland resales last month. That was down from an estimated 20.1 percent the month before and 24.3 percent a year earlier.

The portion of all homes sold to absentee and cash buyers dipped month-to-month but remained higher than a year ago and near peak levels.

Absentee buyers – mostly investors and some second-home purchasers – bought 30.2 percent of the Southland homes sold last month. That was down from 31.1 percent in March and up from 28.4 percent a year earlier. The record was 32.4 percent in January this year, while the monthly average since 2000, when the absentee data begin, is 18.1 percent. Last month’s absentee buyers paid a median $281,000, up 27.7 percent from a year earlier.

Buyers paying with cash accounted for 33.5 percent of last month's home sales, compared with 35.0 percent the month before and 32.2 percent a year earlier. The peak was 36.9 percent this February, and since 1988 the monthly average is 16.0 percent. Cash buyers paid a median $295,500 last month, up 31.3 percent from a year ago. Nearly 25 percent of the homes purchased by those paying cash last month were priced $500,000 or above, compared with 17.0 percent a year earlier.

The share of homes flipped has been running higher this year compared with 2012. In April, 6.0 percent of all Southland homes sold on the open market had previously sold in the prior six months, down from a flipping rate of 6.3 percent in March and up from 4.3 percent a year ago. (The figures exclude homes that were resold after being purchased at public foreclosure auction sales on the courthouse steps).

Credit conditions appear to be improving, although only incrementally.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 26.1 percent of last month’s Southland purchase lending – the highest since September 2007, when jumbos made up 26.9 percent of the market. Last month’s figure was up from 23.8 percent the prior month and 18.3 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.

Last month 7.9 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs), up from 7.4 percent the prior month and up from 7.0 percent a year earlier. Last month's figure was the highest since ARMs were 8.5 percent of the purchase loan market in August 2011. Since 2000, a monthly average of about 33 percent of Southland purchase have been ARMs.

The most active lenders to Southern California home buyers last month were Wells Fargo with 7.9 percent of the purchase loan market, JP Morgan Chase with 2.7 percent, and Prospect Mortgage with 2.5 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 21.8 percent of all purchase mortgages last month. That was down from 22.7 percent the month before and 30.6 percent a year earlier. In recent months the FHA share has been the lowest since spring/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.

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 $1,275, up from $1,252 the month before and up from $1,096 a year earlier. Adjusted for inflation, last month’s typical payment was 46.6 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 56.3 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. 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 home sale chart, visit DQNews.com.

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

Copyright 2013 DataQuick. All rights reserved.

Friday, May 10, 2013

March Portland Home Sales Press Release

Portland Region March Home Sales


Sales of Portland-area homes fell short of the historical March average but were still the highest for that month in five years thanks to relatively strong condo resales, which hit a six-year high. The median price paid for all homes sold in the five-county region climbed to a 45-month high as deals over $200,000 shot up and sales of sub-$200,000 homes, especially foreclosures, fell sharply, a real estate information service reported.

A total of 2,699 new and resale houses and condos closed escrow during March in the five-county Portland-Vancouver-Beaverton metro area. Sales rose 35.5 percent from the prior month and rose 13.5 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 February and March have risen 37.1 percent since 1994, when DataQuick's complete Portland-area statistics begin.

Although March's sales tally was the highest for that month in five years, it was 22.6 percent short of the average sales total for all months of March since 1994. While sales of existing (not new) single-family detached houses and newly built homes fell 21.1 percent and 44.6 percent short of the March sales average, respectively, condo resales were 32.4 percent above average.

The number of homes that sold for less than $100,000 in March fell 47.3 percent year-over-year, while sub-$150,000 deals declined 35.4 percent. However, sales between $200,000 and $600,000 (a typical move-up range) jumped 40.6 percent from a year earlier, while sales over $500,000 rose 85.6 percent. Viewed another way, this March sales over $200,000 made up 67.0 percent of total sales, compared with 53.1 percent in March 2012.

The Portland metro area statistics in this report and in the table 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 March was $240,000, up 4.7 percent from the prior month and up 14.3 percent from a year earlier. March's median was the highest since the median was $242,000 in June 2009. The median has risen on a year-over-year basis for 13 consecutive months.

The March median was 17.1 percent lower than the peak $289,000 median in October 2007, and it was 23.1 percent higher than the post-peak trough of $195,000 in January last year.

Another price measure analysts track, the median paid per square foot for resale single-family detached houses, rose to $147 in March. That was up 5.8 percent from the month before and up 16.7 percent from a year earlier. March's figure was 23.8 percent below the June 2007 peak of $193.

Among the Portland region's counties, the median paid per square foot in March for resale detached houses rose 18.0 percent from a year ago in Clackamas County, while the median rose 24.8 percent year-over-year in Multnomah County. The figure increased 13.0 percent year-over-year in Washington County, 2.8 percent in Yamhill County, and 9.0 percent in Clark County, Washington.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 24 percent of the Portland area's resale market in March, down from about 41 percent a year earlier.

Foreclosure resales - homes foreclosed on in the prior 12 months - made up 8.7 percent of the March resale market, down from 11.2 percent the month before and down from 24.8 percent a year earlier.

Short sales - transactions where the sale price fell short of what was owed on the property - accounted for an estimated 15.7 percent of the March resale market. That was down from 16.8 percent the month before and down from 16.3 percent a year earlier.

Meanwhile, lenders foreclosed on 218 single-family houses and condo units in the five-county Portland area during March, up 3.3 percent from the month before and down 42.6 percent from a year earlier. During the first three months of this year, foreclosures totaled 605, down 49.4 percent from the same period last year. The foreclosure figures are based on the number of Trustees Deeds filed with county recorder offices. The document is filed when a home is lost to foreclosure.

Absentee buyers, which are mainly investors and vacation-home buyers, accounted for 28.0 percent of the Portland area's total March home sales, down from 28.3 percent the month before and up from 26.8 percent a year earlier. The peak was 31.7 percent in April 2012. (The absentee data series goes back to 2000). Absentee buyers paid a median $221,000 in March, up 14.3 percent from a year earlier.

Among these investors are many buyers who pay cash - a group that accounted for 23.4 percent of all Portland-area home sales in March. That was down from 26.6 percent the month before and 27.3 percent a year earlier. The peak was 31.6 percent in January 2011. Cash buyers paid a median $196,750 in March, up 15.7 percent from a year earlier.

Government-insured FHA loans, a popular, low-down-payment option for many first-time buyers, represented 21.7 percent of all home purchase loans used in the Portland area in March. That was the same as the month before and was down from 28.6 percent a year ago. In recent months the FHA level has been the lowest since the first half of 2008. The peak for FHA use during the current housing cycle was 42.3 percent in November 2009.

To view the Portland MSA home sale chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2013 DataQuick. All rights reserved.

Monday, May 6, 2013

March Miami Region Home Sale Press Release

Miami Region March Home Sales


May 6, 2013

Miami-area home sales rose above a year earlier for the 11th consecutive month in March amid sizeable gains in mid- to high-end activity and a record level of sales to investors and other absentee buyers. The median price paid for a home rose 14.1 percent from a year ago, marking the 15th month in a row with a year-over-year increase, a real estate information service reported.

In March, 10,215 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. March sales rose 18.8 percent from the prior month and rose 7.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sharp sales gain between February and March is normal for the season, with the change between those two months averaging 26.7 percent since 1997, when DataQuick's complete Miami-area statistics begin.

This March's total sales fell 8.4 percent short of the average number of sales in March since 1997. While resale houses and newly built homes (houses and condos combined) fell short of the average March sales level by 12.5 percent and 76.4 percent, respectively, resales of condos rose 32.8 percent above the March average.

During the first quarter of this year (January through March), a total of 28,294 homes sold in the Miami region, up 14.2 percent from first-quarter 2012. First-quarter 2012 condo sales rose 9.2 percent year-over-year, while first-quarter single-family house resales rose 19.5 percent and sales of all newly built homes increased 18.9 percent.

When viewed by price segment, the Miami area's March sales dropped 11.2 percent year-over-year for homes priced below $100,000, and dipped 3.3 percent for homes below $200,000. The number of homes sold in the typical move-up range between $200,000 and $600,000 jumped 24.9 percent year-over-year in March, while the number of homes that sold above $800,000 rose 27.0 percent from the same month last year.

In the Miami region's multi-million-dollar luxury market, 124 homes sold for $2 million or more in March, up 63.2 percent from one year earlier. In the first three months of this year, 278 homes sold for $2 million or more, up 48.7 percent from the same period last year. The figures are based on public property records, where either a price or loan amount was available.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in March was $154,000. That was up 0.7 percent from the month before and up 14.1 percent from a year earlier. The median has risen year-over-year for 15 consecutive months, and those gains have been double-digit for the past eight months.

This March's median was 28.3 percent higher than the current housing cycle's post-peak trough of $120,000 in January and February of 2011, but it was still 46.9 percent lower than the Miami area's peak $290,000 median in June 2007.

The region's resale condo median rose 14.0 percent year-over-year in March, marking the 18th consecutive month in which that price measure has posted an annual gain. The median price paid for resale single-family detached houses rose 24.2 percent in March compared with a year earlier, marking the 14th consecutive month with a year-over-year gain.

The median price paid per square foot for resale single-family detached houses rose to $114 in March, up 17.5 percent from a year earlier. The figure has risen year-over-year for 19 consecutive months. March's level was 40.7 percent below the May/June 2006 peak of $192 per square foot.

The region's median price paid per square foot for resale condos was $95 in March, up 12.7 percent from a year earlier. It was the 18th consecutive month with a year-over-year gain. March's median paid per square foot for resale condos was 55.2 percent below the April 2006 peak of $211.

Other Miami region March highlights:
•Absentee buyers purchased a record 43.6 percent of all homes sold in the Miami area in March, up from 43.4 percent the month before and up from 41.8 percent a year earlier. Absentee buyers paid a median $115,000 for all new and resale houses and condos that they purchased, up 21.1 percent from a year earlier. Absentee buyers are investors, vacation-home buyers and others who indicate at the time of sale that the property tax bill will be sent to a different address.
•In March, 315 buyers purchased two or more homes, up from 294 in March 2012. This March's multi-home buyers purchased 979 properties, or 9.6 of all homes sold in the region. That was 16.4 percent more properties than multi-home buyers purchased in March last year, when they acquired 8.8 percent of all homes sold that month.
•Buyers who had a foreign mailing addresses in the public record accounted for 5.3 percent of all Miami-area homes bought in March, and 9.1 percent of the region's condo resales. About 54.4 percent of the identified foreign buyers bought in Broward County, while about 31.8 percent bought in Palm Beach County and 13.8 percent in Miami-Dade. (Note: Not all foreign buyers use a foreign mailing address, hence cannot be tracked with public records.)
•Cash buyers purchased 66.6 percent of the Miami-area homes sold in March. That was up from 65.5 percent the month before and down from 67.5 percent a year earlier. The peak was 68.7 percent in February 2012. March's cash buyers paid a median $118,000, up 18.0 percent from a year earlier. Cash deals are where there was no indication in the public record of a purchase loan recorded at the time of sale.
•Use of a form of low-down-payment financing popular with first-time homebuyers - government-insured FHA loans - accounted for 29.5 percent of all home purchase loans in March, down from 30.2 percent in February and 35.2 percent a year earlier. In recent months the FHA share of the purchase loan market has dropped to the lowest level since fall 2008. The decline reflects tighter FHA qualifying standards implemented in recent years as well as the difficulties first-time buyers have competing with investors.

To view the March Miami home sale chart, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2013 DataQuick. All rights reserved.

Wednesday, May 1, 2013

March Las Vegas Home Sale Press Release

Las Vegas Region March Home Sales


Las Vegas-area home sales fell below a year earlier for the 10th consecutive month in March as housing demand continued to outweigh the supply of homes on the market. Sales of lower-cost foreclosed properties remained at relatively low levels, while activity surged again in the mid-to-upper price ranges. This ongoing shift in market mix helped push the median sale price up nearly 35 percent from a year earlier, a real estate information service reported.

In March, 4,485 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 11.8 percent from the month before and down 10.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

Sales normally jump from February to March, with that gain averaging 27.0 percent since 1994, when DataQuick’s complete Las Vegas area statistics begin.

Total sales in March were the lowest for that month in four years and were 9.4 percent below the average number of homes sold during all months of March since 1994. However, if newly built homes are excluded, March sales were above average. Resales of houses and condos combined were 13.2 percent higher than average for the month of March, while sales of newly built homes were 57.0 percent below average for the month. Although new-home sales remain low in an historical context, they’ve been rising in recent months, increasing 17.5 percent in March compared with a year earlier. New-home sales this March were the highest for that month in five years.

In the overall market in March, 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 declined 49.3 percent in March compared with a year earlier. The number of transactions below $200,000 fell 25.6 percent year-over-year. March sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 55.1 percent from a year earlier, while the number sold over $500,000 rose 71.4 percent. (Sales from $200,000 to $500,000 accounted for 28.0 percent of all sales, while the $500,000-plus market made up 3.2 percent of all sales).

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in March was $155,000, which is the highest since the median was $159,000 in January 2009. This March's median rose 6.9 percent from $145,000 in February and shot up 34.8 percent from $115,000 in March 2012. The median has risen year-over-year for 12 consecutive months, with those gains ranging from 1.7 percent to 34.8 percent. The year-over-year gains have been double digit for nine consecutive months.

The last time the year-over-year increase in the Las Vegas-area median sale price exceeded March's 34.8 percent annual gain was in January 2005, when the region’s $262,000 median jumped 36.5 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 changes in market mix. Fewer of the homes re-selling now are low-cost foreclosed properties, and more are mid-to high-end homes. Included in the latter group are newly built homes, which on average sell for more than resale homes. In March, new homes accounted for 15.3 percent of total sales, up from 11.6 percent of sales a year earlier.

Despite the median’s big year-over-year jump in March, it was still 50.3 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 $86 in March. That was up 7.5 percent from February and up 32.3 percent from a year earlier, marking the 10th consecutive month with a year-over-year gain. March’s median paid per square foot was 54.8 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 13.5 percent of Las Vegas resale activity in March. That was up from 11.6 percent the month before and down from 47.0 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 33.1 percent of the Las Vegas-area resale market in March. That compares with an estimated 36.8 percent the prior month and 28.2 percent a year earlier. The estimated short sale level has exceeded the foreclosure resale level for the past 10 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 March, lenders filed NODs on 2,053 single-family houses and condo units, up 0.7 percent from the prior month and up 62.8 percent from a year earlier. The notice of default is the first step in the formal foreclosure process. During the first three months of 2013 lenders filed 6,127 NODs, up 90.0 percent from the same period last year.

In March, lenders foreclosed on 686 single-family house and condo units in the Las Vegas region, down 0.9 percent from the month before and down 50.8 percent from a year earlier. During the first three months of 2013 lenders foreclosed on 2,200 homes, down 56.7 percent from the same period last year.

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

Absentee buyers – mainly investors and vacation-home buyers – purchased a record 53.2 percent of all homes sold in the Las Vegas area in March. That was up from 52.4 percent the month before and up from 51.2 percent a year earlier. Absentee buyers paid a median $134,000 in March, up 41.1 percent from 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 March, 150 Las Vegas-area buyers purchased two or more homes on the open market (excludes foreclosure auctions). That was down from 185 multi-home buyers during March 2012, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In March this year, multi-home buyers purchased 647 homes in the Las Vegas area, which amounts to 14.4 percent of all homes sold and represents a 20.0 percent increase from the number of properties that multi-home buyers purchased in March 2012. There were 23 buyers in March 2013 that each purchased five or more homes, but only six bought 10 or more. Combined, the six buyers who purchased 10 or more homes in March 2013 acquired 255 properties, or nearly 40 percent of all homes bought by multi-home buyers. In March 2012, four purchasers bought 10 or more homes, acquiring a total of 83 properties.

Cash buyers purchased 54.5 percent of the Las Vegas-area homes that sold in March. That was down from a cash-buyer share of 56.5 percent of total sales the month before and up from 54.4 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 $128,000 in March, up 47.1 percent from a year earlier.

The share of homes flipped has trended higher in recent months. In March, 6.8 percent of all Las Vegas-area homes sold on the open market had previously changed hands in the prior six months. That was down from a flipping rate of 7.2 percent in February and up from 4.3 percent a year ago. (The figures exclude homes that were resold after being purchased at public foreclosure auctions on the courthouse steps.)

To view the Las Vegas chart, visit DQNews.com.


Media calls: Andrew LePage (916) 456-7157


Copyright 2013 DataQuick. All rights reserved.