January Miami Region Home Sales Press Release

Miami Region January Home Sales

January 27, 2014

Miami-area home sales dipped year-over-year last month but were still the second-highest for a January in seven years thanks to relatively strong condo resales, robust investor purchases and gains in mid- to high-end activity. The median sale price fell month-to-month, which is normal for the season, and while the median remained higher than a year earlier the rate of increase declined again, a real estate information service reported.

In January, 8,983 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. January sales fell 16.2 percent from the prior month and fell 5.4 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sharp drop in sales between December and January is normal for the season. On average, sales between those two months have fallen 17.8 percent since 1997, when DataQuick's complete Miami-area statistics begin. Last month marked the first time Miami-area sales have fallen on a year-over-year basis since April 2012, when they dipped 0.2 percent.

Last month's sales were 2.3 percent below the average number of sales for the month of January since 1997. January's condo resales were 36.0 percent above average for the month, while single-family detached house resales were 0.8 percent below the long-term January average and new-home sales were 74.3 percent below average.

The 4,318 existing (not new) condos sold in January marked the second-highest level for that month - behind last year - since January 2005, when 4,675 sold. Condo resales made up 48.1 percent of total sales last month, compared with an historical monthly average of 35.5 percent.

When viewed by price segment, Miami-area January home sales dropped 25.4 percent year-over-year for homes priced below $100,000 and fell 14.0 percent for homes priced below $200,000. But sales of homes priced in the typical move-up range between $200,000 and $600,000 increased 4.1 percent year-over-year, while the number of homes that sold above $800,000 rose 49.4 percent from January 2013.

In the Miami region's multi-million-dollar luxury home market, 122 homes sold for $2 million or more during January - a high for that month historically and up 48.8 percent from a year earlier. The figures are based on public property records, where either a price or loan amount was available.

In all of last year, 1,369 Miami-area homes sold for at least $2 million, up 29.0 percent from 2012 and the highest on record.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in January was $177,000, down 3.5 percent from the month before and up 12.2 percent from a year earlier. Because of seasonal factors it is normal for the median sale price to dip between December and January, with that decline averaging 3.3 percent since 1997.

The median sale price has risen on a year-over-year basis for 25 consecutive months. Those gains have been double-digit for the past 18 consecutive months, ranging from 10.2 percent to as much as 27.1 percent last August. However, the year-over-year gains in the median have moderated lately, dropping from 22.0 percent last November to 14.7 percent in December and 12.2 percent in January this year.

Last month's $177,000 median stood 39.0 percent below the Miami area's peak $290,000 median in June 2007. Over the past year the highest monthly median was $185,000 last August, which was the highest for any month since December 2008, when the median was $200,000.

Investors and other out-of-state and foreign buyers continue to put significant pressure on the Miami region's housing market.

Buyers based outside of Florida purchased about 13 percent of all homes sold in the Miami area in January, based on the mailing addresses of buyers. Of the buyers from outside of Florida, about two-thirds were from the United States and about one-third were buyers who listed a foreign mailing address in the public record (Note: Some foreign buyers use a U.S. mailing address in public records, hence not all sales to foreign buyers can be tracked this way.) New York was the most likely state of origin for out-of-state buyers in January, representing nearly 3 percent of total Miami-area sales.

In January, 261 Miami-area buyers purchased at least two homes on the open market (excludes public foreclosure auctions on the courthouse steps). That was down 11.5 percent from 295 multi-home buyers during January 2013, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In January this year, buyers of two or more homes purchased 1,021 properties in the Miami region, which amounts to 11.4 percent of all homes sold and is almost the same as the 1,019 properties that multi-home buyers purchased in January 2013. There were 22 buyers in January 2014 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 January 2014 acquired 375 properties, or about 37 percent of all homes bought by multi-home buyers. A single buyer purchased 261 properties, or nearly 27 percent of all homes bought by multi-home buyers in January.

To view additional January Miami highlights, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2014 DataQuick. All rights reserved.

January Las Vegas Region Home Sale Press Release

Las Vegas Region January Home Sales

Las Vegas-area homes sold at the slowest pace for a January in five years as the median sale price dipped month-to-month but remained 22 percent higher than a year earlier. Price growth has slowed, however, with the median’s year-over-year gain dropping to the lowest level in 15 months, a real estate information service reported.

In January 3,232 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 15.1 percent from the month before and down 10.8 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sharp drop in sales between December and January is normal for the season. On average, sales between those two months have fallen 21.0 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Sales have fallen on a year-over-year basis for the past four months.

Total January home sales were the lowest for that month since January 2009, when 3,127 homes sold, and were 11.7 percent below the average number sold during all months of January since 1994. However, resales of houses and condos combined were 14.7 percent above average for the month of January, while sales of newly built homes were 63.5 percent below the January average. Condo resales in January were nearly 26 percent higher than the January average since 1994.

In recent months home sales have been constrained by a combination of factors, including higher prices and mortgage rates, a fussy mortgage market and the relatively low supply of homes on the market, especially in the lower price ranges. Some owners still can’t afford to sell their homes because they owe more than they are worth. Also, lenders aren’t foreclosing on as many properties, further limiting the supply of homes for sale.

In January, sales of homes priced below $100,000 dropped 45.3 percent compared with a year earlier, while sub-$200,000 transactions fell 28.3 percent year-over-year. The number of homes that sold for $200,000 or more rose 32.7 percent year-over-year. January sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – increased 31.8 percent from a year earlier, while the number selling for $500,000 or more jumped 41.9 percent ($500,000-plus sales represented only about 4 percent of January sales).

Las Vegas region buyers paid a median $177,300 for all new and resale houses and condos purchased in January, down 1.6 percent from $180,150 in December and up 22.3 percent from $145,000 a year earlier. The highest median last year was $180,150 in December, which was also the highest for any month since November 2008, when the median was $190,000.

Because of seasonal factors it is normal for the median sale price to dip between December and January, with that decline averaging 2.0 percent since 1994.

The median sale price’s year-over-year gains over the past 22 consecutive months have ranged from 1.7 percent to 35.3 percent. January’s 22.3 percent year-over-year increase was the lowest since the median rose 19.2 percent from a year earlier in October 2012. The annual gains have been double-digit for the last 19 months and above 20 percent for the last 15 months.

January’s $177,300 median was the lowest for any month since last August, when it was $177,000, and was 43.2 percent below the region’s peak $312,000 median in November 2006.

The run-up in home prices over the last year varies somewhat depending on price segment. In January, the lowest-cost third of the region’s housing stock saw a 27.4 percent year-over-year gain in the median price paid per square foot for resale single-family detached houses. The annual increase was 25.4 percent for the market’s middle third and 23.5 percent for the top, most-expensive third.

Investors' impact on the Las Vegas housing market has generally tapered in recent months but edged higher in January. (To some extent this is because many traditional buyers drop out of the housing market during the holidays, which translates into a higher concentration of investors closing deals in January and February). Absentee buyers, which would include investors and some vacation-home buyers, bought 44.4 percent of the homes sold in January, up from 43.1 percent the month before and down from 50.1 percent a year earlier. The monthly average absentee share since January 2000 is 35.5 percent.

Buyers based outside of Nevada purchased almost 27 percent of all homes sold in the Las Vegas area in January, compared with about 25 percent in December and around 30 percent a year earlier. California was by far the most likely state of origin for out-of-date buyers in January, based on the mailing addresses of buyers. Californian-based buyers accounted for 13.6 percent of all Las Vegas-area homes purchased in January, while Arizona-based buyers bought 3.7 percent and buyers from 37 other states collectively bought 8.0 percent. Buyers with a foreign mailing address accounted for about 1.5 percent of all sales. (Note: Some foreign buyers use a U.S. mailing address in public records, hence not all sales to foreign buyers can be tracked this way.)

In January, 94 Las Vegas-area buyers purchased at least two homes on the open market (excludes public foreclosure auctions on the courthouse steps). That was down about 25 percent from 125 multi-home buyers during January 2013, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In January this year, buyers of two or more homes purchased 352 homes in the Las Vegas area, which amounts to about 11 percent of all homes sold and represents a 20.0 percent decline from the number of properties that multi-home buyers purchased in January 2013. There were eight buyers in January 2014 that each purchased five or more homes, but only five bought 10 or more. Combined, the five buyers who purchased 10 or more homes in January 2014 acquired 136 properties, or 38.6 percent of all homes bought by multi-home buyers.

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

Media calls: Andrew LePage (916) 456-7157


Copyright 2014 DataQuick. All rights reserved.

January California Home Sale Press Release

California January Home Sales

February 13, 2014

An estimated 25,832 new and resale houses and condos sold statewide last month. That was down 26.1 percent from 34,949 in December, and down 10.5 percent from 28,871 sales in January 2013, according to San Diego-based DataQuick.

January sales have varied from a low of 19,145 in 2008 to a high of 47,138 in 2004. Last month's sales were 17.7 percent below the average of 31,393 sales for all the months of January 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 $353,000, down 3.3 percent from $365,000 in December and up 21.7 percent from $290,000 in January 2013. Last month was the 23nd consecutive month in which the state's median sale price rose year-over-year, and the 14th 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, 7.7 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.9 percent in December and down from 19.0 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 11.5 percent of the homes that resold last month. That was down from an estimated 13.1 percent the month before and down from 23.9 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,419, down from $1,473 the month before and up from $1,030 a year earlier. Adjusted for inflation, last month's payment was 38.6 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.2 percent below the current cycle's peak in June 2006. It was 54.0 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.

January Bay Area Home Sales Press Release

Bay Area home sales slowest for a January since 2008

February 13, 2014

La Jolla, CA.----Bay Area home sales remained at a six-year low in January, largely because too few properties are being put up for sale. Prices went through their normal mid-winter dip, but are still well ahead of year-ago levels, a real estate information service reported.

A total of 4,696 new and resale houses and condos sold in the nine-county Bay Area last month. That was the lowest sales tally for any January since 2008, when 3,586 homes sold. Last month’s sales fell 30.1 percent from 6,714 in December, and declined 14.6 percent from 5,501 in January 2013, according to San Diego-based DataQuick.

Home sales always decline from December to January, usually around 30 percent. Last month’s sales were 22.3 percent below the January average of 6,043 since 1988, when DataQuick’s statistics begin. Bay Area sales haven’t been above average for any month in more than seven years. The most active January was in 2005, when 8,298 homes sold, while the least active was in 2008, with 3,586 sales.

“Mid-winter numbers don’t really tell us much about upcoming activity. March is much more predictive. That said, what we’re seeing now is a continuation of what we’ve been seeing for the past half year. Not much is changing beyond the normal seasonal ebb and flow. This spring should be interesting. We may find out how much pent-up supply and demand is still on hold from the great recession, and how it will play itself out,” said John Walsh, DataQuick president.

The median price paid for a home in the Bay Area last month was $525,000. That’s down 4.3 percent from $548,500 in December, and up 26.5 percent from $415,000 in January 2013. For seasonal reasons the median almost always declines from December to January. The median has increased on a year-over-year basis for the last 22 months.

The Bay Area median peaked at $665,000 in June and July 2007, then dropped to a post-boom low of $290,000 in March 2009.

Last month the number of homes that sold for less than $500,000 dropped 22.7 percent year-over-year, while the number that sold for more increased 17.1 percent, DataQuick reported.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up about 16 percent of the resale market last month. That’s up from about 15 percent in December and down from about 37 percent a year earlier.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 5.4 percent of resales in January, up from a revised 4.6 percent the month before, and down from 14.1 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 9.9 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 10.5 percent of resales last month. That was the same as December’s estimate and down from 22.6 percent a year earlier.

Last month absentee buyers – mostly investors – purchased 24.2 percent of all Bay Area homes. That was up from December’s revised 22.5 percent and down from 28.3 percent for January a year ago. Absentee buyers paid a median $420,000 last month, up 40.0 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 24.8 percent of sales in January, up from a revised 23.5 percent in December and down from 28.4 percent a year earlier. The monthly average going back to 1988 is about 13 percent. Cash buyers paid a median $410,000 in January, up 36.4 percent from a year earlier.

Bay Area home buyers put $1.24 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 $2.64 billion last May.

Meantime, credit conditions appear to be improving gradually.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 23.5 percent of the Bay Area’s home purchase loans in January. That was up from a revised 22.2 percent in December, and up from 10.9 percent in January last year. It was the highest since 25.4 percent in July 2008. ARMs hit a low of 3.0 percent of loans in January 2009. Since 2000, ARMs have accounted for 47.1 percent of all Bay Area purchase loans.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 46.9 percent of last month’s purchase lending, down a tad from a revised 48.2 percent in December, and up from 35.8 percent a year ago. Jumbo usage dropped as low as 17.1 percent in January 2009.

Bay Area home buyers borrowed a total of $1.76 billion in mortgage money from lenders last month. The most active lenders to those January buyers were Wells Fargo with 12.7 percent of the purchase loan market, Bank of America with 4.0 percent, and Stearns Lending with 3.7 percent.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 11.6 percent of all Bay Area purchase mortgages in January, up slightly from 10.9 percent in December and down from 15.0 percent 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 $2,111. Adjusted for inflation, last month’s payment was 25.9 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 45.3 percent below the current cycle's peak in July 2007. It was 67.7 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 Bay Area chart, visit DQNews.com.

Source: DataQuick, www.DQNews.com

Media calls: Andrew LePage (916) 456-7157
Copyright 2014 DataQuick. All rights reserved.

January SoCal Home Sale Press Release

Southland Home Sales Drop in January; Price Picture Mixed

February 12, 2014

La Jolla, CA---Southern California logged its lowest January home sales in three years as buyers continued to wrestle with a tight inventory of homes for sale, a fussy mortgage market and the highest prices in years. The median price paid for a home dipped from December – a normal seasonal decline – but remained 18 percent higher than January last year, a real estate information service reported.

A total of 14,471 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 21.4 percent from 18,415 in December, and down 9.9 percent from 16,058 sales in January 2013, according to San Diego-based DataQuick.

A significant drop in sales between December and January is to be expected because many buyers drop out of the market during the holidays and mid-winter. That means fewer transactions close during January and February. On average, sales have declined 27.6 percent between December and January since 1988, when DataQuick’s statistics begin.

Last month’s Southland sales were 17.3 percent below the average number of sales – 17,493 – in the month of January since 1988. Sales haven’t been above average for any particular month in more than seven years. January sales have ranged from a low of 9,983 in January 2008 to a high of 26,083 in January 2004.

"The economy is growing, but Southland home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average. Why? We’re still putting a lot of the blame on the low inventory. But mortgage availability, the rise in interest rates and higher home prices matter, too,” said John Walsh, DataQuick president.

"Two of the bigger questions hanging over the housing market right now are,‘How much pent-up demand is left out there?’ and, ‘Will inventory skyrocket this year as more owners take advantage of the price run-up?’” Walsh continued. “Unfortunately, we’ll probably have to wait until spring for the answers. When it comes to statistical trends, January and February are atypical months that haven’t proven to be predictive over the years.”

The median price paid for all new and resale houses and condos sold in the six-county region last month was $380,000, down 3.8 percent from $395,000 in December and up 18.4 percent from $321,000 in January 2013. Because of seasonal changes it is typical for the median to decline between December and January, with that drop averaging 2.9 percent since 1988. Last month’s median was the lowest since it was $368,000 in May last year.

The Southland’s median price held at or near $385,000 between last June and November, then rose to $395,000 in December, which was the peak for 2013 and the highest for any month since February 2008, when it was $408,000.

The median sale price has risen on a year-over-year basis for 22 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 18 months. The January median stood 24.8 percent below the peak $505,000 median in spring/summer 2007.

Prices have been rising at different rates depending on price segment. In January, the lowest-cost third of the region's housing stock saw a 23.3 percent year-over-year increase in the median price paid per square foot for resale houses. The annual gain was 20.3 percent for the middle third of the market and 19.7 percent for the top, most-expensive third.

The number of homes sold in many middle and up-market areas continued to rise on a year-over-year basis last month, while more affordable markets generally saw less activity than a year earlier.

Last month sales from $300,000 through $799,999 – a range that includes many move-up buyers – rose 4.7 percent year-over-year. The number that sold for $500,000 or more increased 26.3 percent from one year earlier, while $800,000-plus sales rose 36.7 percent.

In January, 32.0 percent of all Southland home sales were for $500,000 or more, down from a revised 35.0 percent the month before and up from 22.2 percent a year earlier.

The number of Southland homes that sold below $200,000 last month dropped 46.8 percent year-over-year, while sales below $300,000 fell 37.1 percent. One of the main reasons for the big decline in lower-end sales is the relatively low supply of homes on the market. 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 6.6 percent of the Southland resale market in January. That was up slightly from 5.8 percent the prior month and was down from 17.2 percent a year earlier. In recent months the foreclosure resale rate has been the lowest since early 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 12.2 percent of Southland resales last month. That was down from 13.1 percent the prior month and down from 24.2 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 27.5 percent of the Southland homes sold last month, up slightly from 27.2 percent in December and down from a record 32.4 percent a year earlier. The monthly average since 2000, when the absentee data begin, is 18.6 percent. Last month’s absentee buyers paid a median $325,000, down 1.5 percent from the month before and up 31.6 percent year-over-year.

In January 6.3 percent of all Southland homes sold on the open market were flipped, meaning they had previously sold in the prior six months. That’s up from a flipping rate of 5.8 percent the month before and down from 6.6 percent a year earlier. Flipping peaked at 7.0 percent in February 2013. (The figures exclude homes resold after being purchased at public foreclosure auctions on the courthouse steps).

Buyers paying cash last month accounted for 29.1 percent of home sales, up from 28.7 percent the month before and down from 33.7 percent a year earlier. The cash share of purchases hit an all-time peak of 36.9 percent in February 2013. Since 1988 the monthly average for cash buyers is 16.4 percent of all sales. Cash buyers paid a median $344,000 last month, down 4.4 percent month-to-month and up 37.6 percent from a year earlier.

In January, Southern California home buyers forked over a total of $3.22 billion of their own money in the form of down payments or cash purchases. That was down from a revised $4.34 billion in December and up from $2.89 billion a year ago. The out-of-pocket total peaked last May at $5.41 billion.

Credit conditions haven’t changed a lot in recent months but the change from a year earlier is significant.

Last month 13.5 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – more than double the ARM rate of a year earlier and the highest since April 2008, when it was 16.4 percent. In December 13.0 percent of purchase loans were ARMs, while in January 2013 ARMs accounted for only 5.6 percent of the purchase loan market. 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 26.7 percent of last month’s Southland purchase lending. That was down from 28.5 percent the prior month and up from 19.4 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.

All lenders combined provided a total of $3.95 billion in mortgage money to Southern California home buyers in January, down from a revised $5.34 billion in December and up from $3.61 billion in January last year.

The most active lenders to Southern California home buyers last month were Wells Fargo with 7.0 percent of the total home purchase loan market, Bank of America with 2.8 percent and JP Morgan Chase with 2.5 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 20.9 percent of all purchase mortgages last month. That was up from 19.6 percent the month before and down from 25.1 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 $1,528, down from $1,594 the month before and up from $1,140 a year earlier. Adjusted for inflation, last month’s typical payment was 36.1 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 47.6 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, please visit DQNews.com.

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

Copyright 2014 DataQuick. All rights reserved.

December Las Vegas Home Sale Press Release

Las Vegas Region December Home Sales

Las Vegas-area home sales dropped in December to the lowest level for that month in six years as inventory remained tight and the median price paid for a home climbed to a new high, a real estate information service reported.

In December, 3,797 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 6.5 percent from the month before and down 15.2 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 November and December have risen 10 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Sales have fallen on a year-over-year basis for the past three months.

Total December home sales were the lowest for that month since December 2007, when 2,739 homes sold, and were 21 percent below the average number sold during all months of December since 1994. However, resales of houses and condos combined were 5.9 percent above average for the month of December, while sales of newly built homes were 65.6 percent below the December average.

The 52,063 homes sold in the region during all of 2013 marked a 2.8 percent decline from the 2012 sales total. Home sales were limited in 2013 by the thin supply of homes on the market, especially in the lower price ranges. Many owners still can’t afford to sell their homes because they owe more than they are worth. Also, lenders aren’t foreclosing on as many properties, further limiting the supply of homes for sale.

In December, sales of homes priced below $100,000 dropped 49.6 percent compared with a year earlier, while sub-$200,000 transactions fell 32.0 percent year-over-year. The number of homes that sold for $200,000 or more shot up 28.1 percent year-over-year. December sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – increased 25.5 percent from a year earlier, while the number selling for $500,000 or more jumped 59.4 percent ($500,000-plus sales represented only about 4 percent of December sales).

Las Vegas region buyers paid a median $180,050 for all new and resale houses and condos purchased in December, up 0.6 percent from $179,000 in November and up 24.1 percent from $145,106 a year earlier. December’s $180,050 median was the highest for 2013 – just a hair above the $180,000 median in October 2013 – and it’s 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 21 consecutive months ranged from 1.7 percent to 35.3 percent. These annual gains have been double-digit for the last 18 months and above 20 percent for the last 14 months. However, December’s $180,050 median was still 42.3 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 December, the lowest-cost third of the region’s housing stock saw a 32.0 percent year-over-year gain in the median price paid per square foot for resale single-family detached houses. The annual increase was 26.0 percent for the middle third of the market and 29.6 percent for the top, most-expensive third.

Investors' impact on the Vegas housing market has generally tapered in recent months. Absentee buyers, which would include investors and some vacation-home buyers, purchased 43.4 percent of the homes sold in December, up slightly from 42.6 percent the month before and down from 50.1 percent a year earlier. The November 2013 absentee share of 42.6 percent was the lowest since June 2010, when it was 37.5 percent. The monthly average absentee share since January 2000 is 35.4 percent.

Investors faced a smaller inventory of homes to choose from last year as the number of homes foreclosed on fell and the supply of distressed properties for sale dwindled. The 8,784 homes foreclosed on in the Las Vegas metro area in 2013 marked a nearly 33 percent decline from 2012. Last year’s foreclosure total was the lowest since 1,935 homes were lost to foreclosure in 2006. The peak year for foreclosures was 2009, when 33,833 Las Vegas-area homes were foreclosed on.

To view additional Las Vegas region December highlights, visit DQNews.com.
Media calls: Andrew LePage (916) 456-7157


Copyright 2014 DataQuick. All rights reserved.