February Las Vegas Region Home Sale Press Release

Las Vegas Region February Home Sales

Las Vegas-area homes sold at the slowest pace for a February in five years as the inventory of homes for sale remained tight and some buyers faced credit and affordability challenges. The median price paid for a home edged up from January and rose 24 percent from a year earlier, marking the 16th consecutive month with an annual gain over 20 percent, a real estate information service reported.

In February, 3,230 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was down 0.1 percent from the month before and down 19.6 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between January and February have risen 4.1 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Sales have fallen on a year-over-year basis for the past five months.

Total February home sales were the lowest for that month since February 2009, when 3,127 homes sold, and they were 14.5 percent below the average number sold during all months of February since 1994. However, resales of houses and condos combined were 9.0 percent above average for the month of February, while sales of newly built homes were 60.5 percent below the February average. Condo resales in February were 26.0 percent higher than the February 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 for sale, 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 February, sales of homes priced below $100,000 dropped 47.9 percent compared with a year earlier, while sub-$200,000 transactions fell 36.1 percent year-over-year. The number of homes that sold for $200,000 or more rose 20.0 percent year-over-year. February sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – increased 20.2 percent from a year earlier, while the number selling for $500,000 or more rose 17.7 percent ($500,000-plus sales represented less than 4 percent of February sales).

Las Vegas region buyers paid a median $180,000 for all new and resale houses and condos purchased in February, up 1.5 percent from $177,300 in January and up 24.1 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.

The median sale price’s year-over-year gains over the past 23 consecutive months have ranged from 1.7 percent to 35.3 percent. The annual gains have been double-digit for the last 20 months.

February’s $180,000 median was 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 somewhat depending on price segment. In February, the lowest-cost third of the region’s housing stock saw a 25.7 percent year-over-year gain in the median price paid per square foot for resale single-family detached houses. The annual increase was 24.8 percent for the market’s middle third and 23.8 percent for the top, most-expensive third.

Investors' impact on the Las Vegas housing market has generally eased a bit in recent months but edged higher in February. (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 46.4 percent of the homes sold in February, up from 44.2 percent the month before and down from 48.3 percent a year earlier. The monthly average for the absentee buyer share since January 2000 is 35.3 percent.

Buyers based outside of Nevada purchased 27.5 percent of all homes sold in the Las Vegas area in February, compared with 31.6 percent a year earlier. California-based buyers accounted for 13.3 percent of all Las Vegas-area homes purchased in February, while Arizona-based buyers bought 4.8 percent and buyers from 39 other states collectively bought 8.2 percent. Buyers with a foreign mailing address accounted for about 1.2 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 February, 85 Las Vegas-area buyers purchased at least two homes on the open market (excludes public foreclosure auctions on the courthouse steps). That was down from 150 multi-home buyers during February 2013, based on an analysis of buyer names in the public record. (Note: In some cases individuals and partnerships buy under different names). In February this year, buyers of two or more homes purchased 385 homes in the Las Vegas area, which amounts to about 12 percent of all homes sold and represents a roughly 35 percent decline from the number of properties that multi-home buyers purchased in February last year. There were 11 buyers in February 2014 that each purchased five or more homes, but only four bought 10 or more. Combined, the four buyers who purchased 10 or more homes in February 2014 acquired 169 properties, or about 44 percent of all homes bought by multi-home buyers.


To view additional Las Vegas region February highlights, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157


Copyright 2014 DataQuick. All rights reserved.

February California Home Sale Press Release

California February Home Sales

March 13, 2014

An estimated 25,680 new and resale houses and condos sold statewide last month. That was down 0.6 percent from 25,832 in January, and down 10.6 percent from 28,719 sales in February 2013, according to San Diego-based DataQuick.

February sales have varied from a low of 20,513 in 2008 to a high of 48,409 in 2004. Last month's sales were 18.9 percent below the average of 31,660 sales for all the months of February 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 rose to $355,000, up 0.6 percent from $353,000 in January and up 22.8 percent from $289,000 in February 2013. February marks the 24th consecutive month in which the state's median sale price has risen year-over-year, and the 15th straight month with a gain exceeding 20 percent.

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

Of the existing homes sold last month, 8.2 percent were properties that had been foreclosed on during the past year. That was up from 7.7 percent in January and down from 17.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 9.6 percent of the homes that resold last month. That was down from an estimated 10.9 percent the month before and 22.4 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,405, down from $1,423 the month before and up from $1,053 a year earlier. Adjusted for inflation, last month's payment was 39.3 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.8 percent below the current cycle's peak in June 2006. It was 52.2 percent above the January 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.

February Bay Area Home Sale Press Release

Bay Area Home Sales Slowest Since 2008

March 13, 2014

La Jolla, CA.----Bay Area home buyers were kept scrambling last month as a continued lack of inventory contributed heavily to a six-year low in sales. The median price paid for a home increased from January and remained 33 percent higher than a year earlier, a real estate information service reported.

A total of 4,963 new and resale houses and condos sold in the nine-county Bay Area last month. That was the lowest for any February since 2008, when 3,989 homes sold. Last month’s sales rose 5.7 percent from 4,696 in January, and fell 8.2 percent from 5,404 in February 2013, according to San Diego-based DataQuick.

Since 1988, when DataQuick’s statistics begin, February sales have ranged from a low of 3,989 in 2008 to a high of 8,901 in 2002. Last month’s sales were 19.9 percent below the average number of February sales – 6,194 – since 1988. Sales haven’t been above average for any month in more than seven years.

“A number of factors can keep a lid on sales. Affordability, for example. Or hard-to-get mortgages. These factors certainly play a role today, but clearly the main culprit is an inadequate supply of homes for sale. It’s going to be fascinating to watch how things play out between now and June. At some point rising home prices will trigger a more significant increase in the number of homes on the market. It’s just a question of when,” said John Walsh, DataQuick president.

The median price paid for a home in the Bay Area in February was $540,000. That was up 2.9 percent from $525,000 in January and up 33.3 percent from $405,000 in February last year. On a year-over-year basis, the median has risen the last 23 months, with gains above 20 percent for the last 16 months.

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

The number of homes that sold last month for less than $500,000 dropped 30.0 percent year-over-year, while the number that sold for more than $500,000 increased 16.9 percent, DataQuick reported.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 24.8 percent of the Bay Area’s home purchase loans in February. That was down from a revised 25.1 percent in January, and up from 11.0 percent in February last year. The January ARM share was the highest since it was 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 48.2 percent of last month’s purchase lending, up from a revised 45.9 percent in January, and up from 37.1 percent a year ago. Jumbo usage dropped as low as 17.1 percent in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 12.0 percent of all Bay Area home purchase mortgages in February. That was up a hair from 11.8 percent in January and down from 14.6 percent a year earlier.

Last month’s Bay Area home buyers borrowed a total of $1.82 billion in mortgage money from lenders. The most active lenders last month were Wells Fargo with 14.0 percent of the purchase loan market, Bank of America with 3.5 percent and Stearns Lending with 3.3 percent.

Distressed property sales – the combination of foreclosure resales and “short sales” – made up about 12.5 percent of last month’s resale market. That was down from 14.0 percent in January and down from 34.1 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 February, up from a revised 5.2 percent the month before, and down from 13.9 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 7.0 percent of Bay Area resales last month. That was down from an estimated 8.8 percent in January and down from 20.2 percent a year earlier.

Last month absentee buyers – mostly investors – purchased 24.5 percent of all Bay Area homes. That was the same as in January and down from 32.3 percent in February a year ago. Absentee buyers paid a median $433,000 last month, up 39.2 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 26.8 percent of sales in February, up from a revised 25.6 percent in January and down from 32.4 percent a year earlier. The monthly average going back to 1988 is 13.0 percent. Cash buyers paid a median $470,000 in February, up 44.6 percent from a year earlier.

In February Bay Area home buyers put $1.17 billion of their own money on the table in the form of a down payment or as an outright cash purchase. That number hit an all-time high of $2.64 billion last May.

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 $2,138. Adjusted for inflation, last month’s payment was 25.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 44.7 percent below the current cycle's peak in July 2007. It was 69.5 percent above the February 2012 bottom of the current cycle.

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

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

Source: DataQuick, www.DQNews.com

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

February SoCal Home Sale Press Release

Southern California February Home Sales Lowest Since 2008

March 12, 2014

La Jolla, CA---Southland home sales dropped to the lowest level for a February in six years as many would-be buyers struggled with inventory constraints, credit hurdles and reduced affordability. The median price paid for a home edged up slightly from January and remained nearly 20 percent higher than a year earlier, a real estate information service reported.

A total of 14,027 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 3.1 percent from 14,471 in January, and down 12.0 percent from 15,945 sales in February 2013, according to San Diego-based DataQuick.

On average, sales have increased 0.7 percent between January and February since 1988, when DataQuick’s statistics begin. February sales have ranged from a low of 10,777 in 2008 to a high of 26,587 in 2004.

Last month’s Southland sales were 20.1 percent below the average number of sales – 17,560 – for February since 1988. Sales haven’t been above average for any particular month in more than seven years.

“February was another month with lackluster home sales, and the fifth in a row where sales fell short of the same month a year earlier. The March-through-May data will give us a better sense of what's been holding back activity the most – supply constraints or the double-whammy of higher prices and higher mortgage rates. The drop in housing affordability is enough to nudge some out of the market. Other would-be buyers have no doubt called ‘time out’ while re-evaluating their housing priorities, or watching for signs the market has overshot a sustainable price level,” said John Walsh, DataQuick president.

“But there’s still reason to expect significant pressure on the market,” he added. “The economy is growing, creating jobs. People who lost homes to a short sale or foreclosure over the last eight years will be looking to buy again. On the supply side, inventory is increasing, as it normally does this time of year, but so far there hasn’t been an explosion of new listings, and new-home construction is still well below average.”

The median price paid for all new and resale houses and condos sold in the six-county region last month was $383,000, up 0.8 percent from $380,000 in January and up 19.7 percent from $320,000 in February 2013.

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 23 consecutive months. Those gains have been double-digit – between 10.8 percent and 28.3 percent – over the past 19 months. The February median stood 24.2 percent below the peak $505,000 median in spring/summer 2007.

Prices continue to rise at different rates depending on price segment. In February, the lowest-cost third of the region's housing stock saw a 23.2 percent year-over-year increase in the median price paid per square foot for resale houses. The annual gain was 18.7 percent for the middle third of the market and 15.1 percent for the top, most-expensive third.

The number of homes sold in many mid-level and high-end 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 the number of homes that sold from $300,000 through $799,999 – a range that includes many move-up buyers – rose 2.1 percent year-over-year. The number that sold for $500,000 or more increased 12.2 percent from one year earlier, while $800,000-plus sales rose 4.9 percent.

In February, 32.6 percent of all Southland home sales were for $500,000 or more, up a tad from a revised 32.2 percent the month before and up from 24.4 percent a year earlier.

The number of Southland homes that sold below $200,000 last month dropped 47.0 percent year-over-year, while sales below $300,000 fell 38.7 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 6.8 percent of the Southland resale market in February. That was up slightly from 6.6 percent the prior month and was down from 16.2 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 9.4 percent of Southland resales last month. That was down from a revised 11.0 percent the prior month and down from 22.4 percent a year earlier.

Absentee buyers – mostly investors and some second-home purchasers – bought 29.0 percent of the Southland homes sold last month, up slightly from 28.2 percent in January and down from 32.3 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 $320,000, up 25.5 percent year-over-year.

In February 6.2 percent of all Southland homes sold on the open market were flipped, meaning they had previously sold in the prior six months. That’s the same flipping rate as the month before and it’s down from a record 7.0 percent a year earlier. (The figures exclude homes resold after being purchased at public foreclosure auctions on the courthouse steps).

Buyers paying cash last month accounted for 30.9 percent of home sales, up from 29.1 percent the month before and down from a record 36.9 percent in February last year. Since 1988 the monthly average for cash buyers is 16.4 percent of all sales. Cash buyers paid a median $340,000 last month, up 28.3 percent from a year earlier.

In February, Southern California home buyers forked over a total of $3.08 billion of their own money in the form of down payments or cash purchases. That was down from a revised $3.29 billion in January and down from $3.35 billion a year ago. The out-of-pocket total peaked last May at $5.41 billion.

While credit conditions remain relatively tight in an historical context, they appear to be easing, especially when compared with a year ago.

Last month 12.9 percent of Southland home purchase loans were adjustable-rate mortgages (ARMs) – more than double the ARM level of a year earlier. Last month's figure was down a bit from 13.5 percent in January and up from 5.6 percent in February 2013. The January ARM level was the highest since April 2008, when it was 16.4 percent. Since 2000, a monthly average of about 31 percent of Southland purchase loans have been ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 27.2 percent of last month’s Southland purchase lending. That was up from 26.7 percent the prior month and up from 21.1 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 $3.87 billion in mortgage money to Southern California home buyers in February, down from a revised $4.02 billion in January and up from $3.62 billion in February last year.

The most active lenders to Southern California home buyers last month were Wells Fargo with 6.7 percent of the total home purchase loan market, Bank of America with 2.6 percent and JP Morgan Chase with 2.3 percent.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 19.3 percent of all purchase mortgages last month. That was down from 21.1 percent the month before and down from 24.6 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 $1,516, down slightly from $1,528 the month before and up from $1,154 a year earlier. Adjusted for inflation, last month’s typical payment was 36.8 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 48.2 percent below the current cycle’s peak in July 2007.

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

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

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

Copyright 2014 DataQuick. All rights reserved.

January Portland Region Home Sale Press Release

Portland Region January Home Sales

Portland-area homes sold at the fastest pace for a January in seven years amid robust investor purchases and sales gains for mid- to high-end houses as well as resale condos. The median sale price rose year-over-year for the 23rd consecutive month, though the 8.5 percent annual increase was the smallest in more than a year, a real estate information service reported.

A total of 2,045 new and resale houses and condos closed escrow during January in the five-county Portland-Vancouver-Beaverton metro area. Sales fell 23.2 percent from the prior month and rose 3.1 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 drop between December and January is normal for the season. On average, sales between those two months have fallen 18.7 percent since 1994, when DataQuick's complete Portland-area statistics begin.

Although January's sales tally was the highest for that month since 2007, it was 16.2 percent short of the average sales total for all months of January since 1994. Sales of existing (not new) single-family detached houses were 15.2 percent below the historical January average, while new-home sales were 37.7 percent below average. January's condo resales, which rose 14.7 percent from a year earlier, were 48.1 percent above the January average.

Investors continued to play a significant role in the Portland-area market. Absentee buyers - mostly investors and some second-home buyers - purchased 29.4 percent of all homes sold in January, up from 28.8 percent the prior month and 28.3 percent a year earlier. The monthly average for absentee purchases since January 2000 is 19.7 percent.

Sales of mid- to high-end homes continued to rise year-over-year, while lower-cost deals declined. January sales below $200,000 dropped 37.7 percent from a year earlier, while sales below $300,000 fell 22.7 percent. January home sales above $300,000 rose 25.4 percent year-over-year, while sales over $500,000 rose 35.8 percent.

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

The median price paid for all new and resale houses and condos that closed escrow in the Portland region during January was $250,000, down 0.8 percent from the month before and up 8.5 percent from a year earlier. Because of seasonal factors it is normal for the median sale price to dip between December and January. The median's 8.5 percent year-over-year increase was the lowest for any month since the median rose 5.3 percent in November 2012.

January's $250,000 median was the lowest since it was $245,000 last April. The highest median over the past year was $263,700 last July, which was also the highest median for any month since October 2008, when it was $269,900.

This January's median sale price was 13.5 percent below the peak $289,000 median in October 2007, and it was 28.2 percent higher than the post-peak trough of $195,000 in January 2012. During the last housing bust the Portland area's median fell 32.5 percent from peak to trough.

To view additional Portland region January highlights, visit DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2014 DataQuick. All rights reserved.

January Seattle Region Home Sales Press Release

Seattle Region January Home Sales

Seattle-area home sales dropped slightly below a year earlier in January but were still the second-highest for that month in seven years as mid- to high-end transactions, condo resales and investors purchases remained relatively strong. The median price paid for a home fell from December, as it normally does, but remained more than 14 percent higher than a year ago, a real estate information service reported.

A total of 3,072 new and resale houses and condos closed escrow during January in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. Seattle-area sales fell 30.2 percent from the prior month and fell 3.1 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sharp drop in sales between December and January is normal for the season. On average, sales between those two months have fallen 25.8 percent since 1994, when DataQuick's complete Seattle-area statistics begin.

January home sales were 7.3 percent below the average for all months of January since 1994. Sales of existing (not new) single-family detached houses were 7.2 percent below the historical average for January, while condo resales were 30.0 percent above average and sales of newly built homes were 32.7 percent below the January average.

The region's mid-priced and high-end housing markets posted small declines or increases in sales in January when compared with a year earlier, while sales of lower-cost homes declined. The number of sales in January below $200,000 dropped 27.9 percent year-over-year, while the number of sales between $200,000 and $500,000 was the same a year earlier. Sales of homes priced above $500,000 rose 34.8 percent year-over-year, while sales over $700,000 increased 52.1 percent.

Buyers paid a median $303,000 for all new and resale houses and condos sold in the three-county Seattle area in January, which is the lowest the median has been since it was $302,725 last April. The January median fell 3.1 percent from the prior month and increased 14.4 percent from a year earlier. Because of seasonal factors it is normal for the median sale price to fall between December and January, with that decline averaging 4.7 percent since 1994.

January marked the 22nd consecutive month in which the Seattle region's median sale price has risen on a year-over-year basis. Over the last year the highest median was $329,000 in July 2013.

The January median paid for all homes was 17.0 percent lower than the Seattle area's peak $365,200 median in June 2007. The $305,000 median paid for resale single-family detached houses in January was 22.7 percent below that home-type category's June 2007 peak of $394,500. The $234,000 median paid for resale condos in January was 16.4 percent lower than that category's June 2008 peak of $280,000.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 32 percent of the Seattle area's resale market in January, up from about 29 percent the prior month and down from around 39 percent a year earlier. The foreclosure resale level - the share of all homes resold that had been foreclosed on in the prior year - has edged higher over the last four months, to 18.1 percent in January. That was up from 13.9 percent in December and 14.6 percent a year earlier. However, the January level remained well below the peak foreclosure resale rate of 32.8 percent in March 2011.

Investors continue to target many of the region's distressed properties. Absentee buyers - the combination of investors and vacation-home buyers - purchased 25.4 percent of all homes sold in January. That was the highest for any month since the absentee buyer level was also 25.4 percent of all sales in January 2000, when the absentee data begin.

In the Seattle region's multi-million-dollar luxury housing market, sales over the past year have trended significantly higher, although the 14 homes that sold for $2 million or more in January was the same as a year earlier and down from 26 sales in December 2013. In all of 2013, a total of 263 homes sold for $2 million or more, up 37.7 percent from 2012. Last year's tally of $2 million-plus sales was the highest for any year since 2007, when 383 homes sold for at least $2 million. Multi-million-dollar sales are identified based on a price or loan amount found in the public record.

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

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

Copyright 2014 DataQuick. All rights reserved.