July Phoenix Home Sale Press Release

Phoenix Area July Home Sales

The number of homes sold in the Phoenix region changed little last month compared with a year ago as low-end activity continued to fall sharply and $200,000-to-$600,000 transactions soared. Foreclosure resales dropped to a nearly 4.5-year low, helping the median sale price rise 25 percent from a year earlier, a real estate information service reported.

In July, buyers paid a median $150,000 for all new and resale houses and condos sold in the combined Maricopa-Pinal counties metro area. That was down 1.3 percent from June and up 25.0 percent from July 2011, marking the eighth consecutive month with a year-over-year gain, according to San Diego-based DataQuick. The company tracks real estate trends nationally via public property records.

The 25.0 percent year-over-year increase in the July median sale price followed annual gains of 23.1 percent in June, 25.0 percent in May, 18.3 percent in April, 13.8 percent in March, and 7.5 percent in each of the prior three months.

July’s median stood 43.2 percent below the Phoenix area's all-time peak of $264,100 in June 2006, but it was 26.7 percent higher than the median’s post-peak trough of $118,347 in August 2011. This June's median of $152,000 was the highest for any month since the median was $154,000 in December 2008.

The large year-over-year gains in the median sale price in recent months reflect several trends:

• Increased pressure on home prices. Higher demand has been triggered by ultra-low mortgage rates at the same time the supply of homes for sale has fallen sharply.
  
• There's been a big drop in the portion of resales that are foreclosed properties, which tend to carry significant discounts and be concentrated in lower-cost areas.
  
• Mid- to high-end neighborhoods have represented a larger share of total sales.

If lenders eventually move more aggressively to clear their backlogs of distressed properties, then the inventory of homes on the market would rise, creating downward pressure on home prices. Regardless, if demand remains high and prices continue to edge higher, the market will eventually respond with a greater supply of homes for sale, which would tame price appreciation. More would-be sellers who've been reluctant to put their homes on the market will try to sell. Fewer people will owe more on their mortgages than their homes are worth, enabling them to sell. Builders will continue to boost sales, which this July rose 34.3 percent from a year ago and were the highest for a July in three years.

A decline in lender-owned properties on the market this year is one of the main reasons for the much thinner inventory of homes for sale. Foreclosure resales, defined as homes that were foreclosed on in the prior 12 months, dropped to 19.5 percent of all homes that resold last month – the lowest for any month since January 2008. July’s foreclosure resale level fell from 21.3 percent the month before and 49.7 percent a year earlier. At their peak, foreclosure resales represented 66.2 percent of the Phoenix area's resale market in March 2009.

Last month a total of 8,949 new and resale houses and condos closed escrow in the two-county Phoenix region, down 6.5 percent from the month before and up 0.2 percent from a year earlier. A dip in activity between June and July is normal for the season. On average, July home sales have fallen 7.1 percent from June since 1994, when DataQuick’s complete Phoenix region statistics begin.

Total home sales in July were the highest for that month since 2009 and were 10.5 percent short of the average number sold in the month of July since 1994. Last month's new-home sales were nearly 61 percent below average for a July. Resales of houses and condos combined were 3.7 percent higher than the historical average for the month of July.Sales continued to fall hard in the lower price ranges last month.

The number of new and resale homes that sold in July for less than $100,000 dropped 35.3 percent from a year earlier, while sub-$150,000 sales fell 20.4 percent. Deals between $200,000 and $400,000 rose 46.9 percent year-over-year, while sales above $500,000 rose 8.0 percent. Sales over $800,000 declined 2.6 percent from a year earlier.

Other Phoenix region July highlights:

• A key price gauge analysts watch, the median price paid per square foot for existing single-family detached houses, was $83 in July, down from $84 in June and up 27.7 percent from a year earlier. The median paid per square foot has risen year-over-year for eight consecutive months. The July figure stood 51.4 percent below the $171 peak median paid per square foot in May and June of 2006.
  
• At the county level in July, the median price paid per square foot for resale single-family detached houses in Maricopa County was $86, down 1.1 percent from the prior month and up 24.0 percent from a year earlier. It was the eighth consecutive month with a year-over-year gain. The Pinal County median paid per square foot was $61 last month, up 1.7 percent from the prior month and up 36.1 percent from a year earlier, marking the 10th consecutive month to see a year-over-year gain.
  
• Short sales, where the sale price fell short of what was owed on the property, represented an estimated 12.8 percent of last month’s resale activity. That was down from an estimated 13.7 percent for June and down from 14.0 percent a year earlier.
  
• Lenders foreclosed on 2,301 Phoenix-area houses and condo units last month, up 10.5 percent from the month before and down 38.3 percent from a year earlier. The number of homes lost to foreclosure between January and July this year totaled 16,888, down 51.5 percent from the same period last year.
  
• Absentee buyers, who are mainly investors and vacation-home buyers, bought 41.6 percent of all Phoenix-area homes sold last month, up from 39.3 percent the month before and down from 45.3 percent a year earlier. The peak was 47.1 percent in March 2011. Last month, absentee buyers paid a median $118,000, down from $121,000 the month before and up 18.1 percent from a year earlier.
  
• Buyers paying cash bought 43.4 percent of all homes sold last month. That was up from 41.4 percent the prior month and 40.0 percent a year earlier. The record for cash buying was 48.0 percent in February 2011. Last month’s cash buyers paid a median $117,000, down from $120,000 the month before and up 34.5 percent from a year earlier.
  
• The market share for FHA home loans, a popular choice among first-time buyers, held at a more-than-four-year low. Last month 26.1 percent of all Phoenix-area home purchase loans were government-insured FHA mortgages, down from 26.2 percent the month before and down from 33.7 percent a year earlier. Last month’s figure was the lowest since the FHA share of the purchase loan market was 25.3 percent in March 2008.
  

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

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

Copyright 2012 DataQuick. All rights reserved.

July California Home Sale Press Release

California July Home Sales

August 15, 2012

An estimated 39,507 new and resale houses and condos sold statewide last month. That was down 3.7 percent from 41,027 sales in June, and up 13.9 percent from 34,695 sales in July 2011, according to San Diego-based DataQuick.

A drop from June to July is normal for the summer season. July sales in California have varied from a low of 30,596 in 1995 to a high of 71,186 in 2004. While sales have increased on a year-over-year basis every month since July last year, they were still 14.7 percent below the average of 46,294 for all months of July since 1988, when DataQuick's statistics.

The median price paid for a home in California last month was $281,000, up 2.6 percent from $274,000 in June, and up 11.5 percent from $252,000 in July 2011. Last month's median was the highest for any month since September 2008, when it was $283,000. July marked the fifth consecutive month in which the state's median sale price rose year-over-year. For the current housing cycle, the median hit a bottom of $221,000 in April 2009, while it peaked at $484,000 in early 2007.

Distressed property sales - the combination of foreclosure resales and "short sales" - made up 41.0 percent of the state's resale market last month, down from 43.0 percent the month before and down from 51.8 percent a year earlier.

Of the existing homes sold in July, 22.0 percent were properties that had been foreclosed on during the past year. That was down from a revised 24.9 percent in June and down from 34.5 percent a year earlier. Last month's figure was the lowest for any month since foreclosure resales made up 18.3 percent of the resale market in November 2007. Foreclosure resales peaked at 58.5 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up from estimated 19.0 percent of the homes that resold last month. That was up from 18.1 percent the month before and up from an estimated 17.3 percent year earlier.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,016. That was up from $1,006 the prior month. Adjusted for inflation, last month's typical payment was 55.1 percent below the 1989 peak of the prior real estate cycle, and 63.6 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 move in different directions. Foreclosure activity remains high by historical standards but well below peak levels. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner-occupied buying remains at a high level, DataQuick reported.

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

Source: DataQuick; DQNews.com

Copyright DataQuick. All rights reserved.

July Bay Area Home Sale Press Release

Bay Area Home Sales and Prices Continue Upward Trend

August 15, 2012

La Jolla, CA.--Home sales in the Bay Area rose on a year-over-year basis for the 13th month in a row in July, the result of increased mid- and up-market buying activity. The median price paid for a home was the highest since August 2008, a real estate information service reported.

A total of 8,461 new and resale homes were sold in the nine-county Bay Area last month. That was down 1.4 percent from 8,577 the month before, and up 22.9 percent from 6,887 for July 2011.

The decline from June is normal for the Bay Area summer season. July sales have varied from 6,666 in 1995 to 14,258 in 2004, while the average for all Julys since 1988, when DataQuick’s statistics start, is 9,371.

“The market has really been lopsided the past couple of years, tilted toward low-end bargain chasing. Now it’s re-balancing, slowly, with increased activity in mid and move-up markets. But mortgage availability remains one of the big challenges in the Bay Area,” said John Walsh, DataQuick president.

The median price paid for all new and resale houses and condos sold in the Bay Area last month was $421,000. That was up 1.0 percent from $417,000 in June, and up 12.6 percent from $374,000 in July 2011. Last month’s median was the highest since it was $447,000 in August 2008.

It appears that roughly half of the 12.6 percent year-over-year gain in July's median sale price can be attributed to a shift in market mix, where the overall regional median is tugged up by a higher share of sales occurring in the mid-to-upper price ranges. In July, price levels for the lowest-cost third of the Bay Area's housing stock rose 9.6 percent year-over-year, while they rose 7.8 percent in the middle and increased 1.2 percent in the top third of the market.

Last month 41.6 percent of Bay Area sales were for $500,000 or more, down from 41.8 percent in June, and up from 36.4 percent in July 2011. The low for the current cycle was January 2009, when just 22.7 percent of sales crossed the $500,000 threshold. Over the past 10 years, a monthly average of 47.9 percent of homes sold for $500,000-plus.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 34.6 percent of the resale market. That was down from 36.6 percent in June and down from 44.5 percent in July a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 15.7 percent of resales in July, the lowest since 14.0 percent in December 2007. Last month’s 15.7 percent was down from a revised 17.8 percent in June, and down from 25.9 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 about 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.9 percent of Bay Area resales last month. That was up from an estimated 18.8 percent in June and up from 18.6 percent a year earlier.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 16.3 percent of all Bay Area home purchase mortgages in July, up from 16.1 percent in June and down from 22.2 percent a year earlier. It was the lowest FHA level since it was 14.7 percent in August 2008.

One indicator of mortgage availability declined last month when adjustable-rate mortgages (ARMs) accounted for 13.3 percent of the Bay Area’s home purchase loans. That was down from a revised 14.2 percent in June, and down from 14.4 percent in July last year. Since 2000, ARMs have accounted for 49.6 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 38.5 percent of last month’s purchase lending, the highest since 38.6 percent in December 2007. It was up from a revised 38.4 percent in June, and up from 33.4 percent a year ago. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 17.7 percent of the market, RPM Mortgage with 4.2 percent and Bank of America with 3.5 percent. Combined market share for the top 10 lenders was 40.7 percent, down from 45.0 percent a year ago. Wells Fargo's share of the market a year ago was 16.9 percent, Bank of America's was 9.1 percent and RPM Mortgage's market share was 3.9 percent.

Last month absentee buyers – mostly investors – purchased 22.6 percent of the homes sold in the Bay Area, down from 23.0 percent in June, and up from 20.5 percent a year ago. Absentee buyers paid a median $250,000 in July, up 4.2 percent from a year ago.

Buyers who appear to have paid all cash – meaning no evidence of a corresponding purchase loan was found in the public record – accounted for 27.3 percent of sales in July. That was the same as in June, and up from 26.3 percent a year ago. The monthly average going back to 1988 is 12.2 percent. Cash buyers paid a median $270,000 in July, up 10.2 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 and San Mateo counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,522, down from $1,532 in June, and down from $1,525 a year ago. Adjusted for inflation, last month’s payment was 45.6 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 59.8 percent below the current cycle's peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

The county-by-county home sale chart can be viewed at DQNews.com.

Source: DataQuick, www.DQNews.com Media calls: Andrew LePage (916) 456-7157
Copyright 2012 DataQuick. All rights reserved.

June Denver Area Home Sale Press Release

Denver Area June Home Sales

The number of homes sold in the Denver region during June rose year-over-year for the fifth month in a row, reaching a five-year high for that month. The median sale price increased nearly 10 percent from a year ago to the highest level for any month in five years, a real estate information service reported.

A total of 5,130 new and resale houses and condos closed escrow in June across the eight-county Denver-Aurora metro area. That was up 5.7 percent from the prior month and up 19.0 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

June home sales were 15.8 percent below average for all months of June since 1998, when DataQuick's complete Denver-area statistics begin. However, resales of houses and condos (excludes new-home sales) were just 5.0 percent below average for a June, while new-home sales were nearly 63 percent below average for the month.

During the first six months of this year Denver-area home sales totaled 22,869, up 17.5 percent from the same period last year.

The Denver metro area statistics in this report and in the table below reflect sales in Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Jefferson and Park counties.

The median price paid for all new and resale houses and condos sold in the Denver region during June was $241,550, up 4.1 percent from the month before and up 9.8 percent from a year earlier. The median sale price has risen year-over-year for the past four months. June's median was the highest for any month since June 2007, when the median was $245,000.

An alternative price gauge analysts track, the median price paid per square foot for resale single-family detached houses, rose to $151 in June. That was up 3.0 percent from the prior month, up 2.2 percent from a year ago and was the highest for any month since it was also $151 in October 2007. June was the sixth consecutive month with a year-over-year gain in the median price paid per square foot.

The region's larger counties recorded the following year-over-year changes to their median price paid per square foot in June for resale houses: Adams County, up 11.7 percent; Arapahoe County, up 12.7 percent; Denver County, up 13.5 percent; Douglas County, up 3.4 percent; and Jefferson County, up 3.3 percent.

Absentee buyers, a group that includes investors and vacation-home buyers, accounted for 20.7 percent of Denver-area June home sales. That was down from 22.8 percent the month before and up a hair from 20.6 percent a year earlier. The record was 31.2 percent in February this year. Absentee buyers paid a median $166,699 in June, up 19.1 percent from a year earlier.

Buyers who appeared to have bought with cash represented 24.1 percent of June sales, down from 25.2 percent the prior month and up from 23.2 percent a year earlier. The figure peaked at 32.8 percent this February. All-cash buyers paid a median $174,131 in June, up 18.9 percent from a year earlier.

Government-insured FHA loans, which are popular with first-time buyers and others using low down payments, accounted for 27.8 percent of all home purchase loans used in June. That was down from 31.0 percent the month before and down from 32.3 percent a year earlier. FHA use in the current cycle peaked at 53.4 percent of all purchase loans in November 2009.

In neighboring Boulder County, 622 new and resale houses and condos sold in June, up 3.8 percent from the prior month and up 27.7 percent from a year earlier.

The median price paid for all homes sold in Boulder during June was $329,000, down 5.9 percent from the prior month and up 1.7 percent from a year earlier.

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

Media calls: Andrew LePage (916) 456-7157
Source: DataQuick; DQNews.com
Copyright 2012 DataQuick. All rights reserved.

June Portland Area Home Sale Press Release

Portland Region June Home Sales

Portland-area June home sales were the highest for that month in five years, rising above a year earlier for the 12th consecutive month. The median price paid for homes in the five-county region rose year-over-year for the fourth consecutive month as foreclosure resales nearly dropped in half compared with their share of the resale market a year ago, a real estate information service reported.

A total of 3,198 new and resale houses and condos closed escrow during June in the five-county Portland-Vancouver-Beaverton metro area. Sales rose 11.9 percent from the prior month and rose 14.8 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A sales gain between May and June is normal for the season, with the increase averaging 9.5 percent since 1994, when DataQuick's complete Portland-area statistics begin.

This June's sales were still low in a historical context, falling 23.9 percent short of the average sales tally for all months of June since 1994.

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 June was $230,000, up 2.9 percent from the prior month and up 7.0 percent from a year earlier. It was the median's fifth consecutive month-to-month gain and the fourth consecutive year-over-year increase. June's $230,000 median was the highest for any month since November 2010, when it was also $230,000.

June's median was 20.4 percent lower than the peak $289,000 median in October 2007, and it was 17.9 percent higher than the post-peak trough of $195,000 in January this year.

Another price measure analysts track, the median paid per square foot for resale single-family detached houses, held at $136 in June. That was the same as the month before and was up 3.8 percent from a year earlier. June's figure was 29.5 percent below the June 2007 peak of $193.

Among the Portland region's counties, the median paid per square foot in June for resale detached houses rose 3.1 percent from a year ago in Clackamas County, while the median rose 10.1 percent year-over-year in Multnomah County. The price paid per square foot gained 3.0 percent year-over-year in Washington County, fell 4.3 percent in Yamhill County, and edged up 1.8 percent in Clark County, Washington.

Sales of distressed properties - the combination of foreclosure resales and short sales - accounted for roughly 30 percent of the resale market in June. That's down from around 34 percent the month before and about 37 percent a year earlier.

Foreclosure resales - homes foreclosed on in the prior 12 months - made up 15.4 percent of June resales, down from 19.6 percent in May and down from 27.7 percent a year earlier.

Short sales - transactions where the sale price fell short of what was owed on the property - accounted for an estimated 14.4 percent of the June resale market. That was up from 14.1 percent the month before and up from 12.1 percent a year earlier.

Meanwhile, lenders foreclosed on 335 single-family houses and condo units in the five-county Portland area during June, down 12.1 percent from the month before and down 6.7 percent from a year earlier. During the first six months of this year, foreclosures totaled 1,525, down 10.7 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 signals that a home was lost to foreclosure.

Many foreclosed properties are bought by investors and first-time buyers.

Absentee buyers, which are mainly investors and vacation-home buyers, accounted for 27.7 percent of total June home sales, down from 28.3 percent the month before and 18.9 percent a year earlier. (The absentee data series goes back to 2000). Absentee buyers paid a median $202,230 in June, up 21.1 percent from a year earlier.

Among these investors are many buyers who pay cash - a group that accounted for 25.0 percent of all Portland-area homes sold in June. That was up from 24.0 percent the month before and down from 25.2 percent a year earlier. Cash buyers paid a median $179,748 in June, up 7.6 percent from a year earlier.

Government-insured FHA loans, a popular, low-down-payment option for many first-time buyers, represented 22.3 percent of all home purchase loans used in the Portland area in June. It was the lowest level since June 2008, when the FHA rate was 19.5 percent of purchase loans. This June's figure was down from 24.0 percent the month before and down from 30.7 percent a year ago. The peak for FHA use during the current housing cycle was 42.3 percent in November 2009.

To view the full home sale chart for Portland, see DQNews.com.

Media calls: Andrew LePage (916) 456-7157
Source: DataQuick; DQNews.com
Copyright 2012 DataQuick. All rights reserved.

California Million Dollar Home Sale Press Release

California Million-Dollar Home Sales Highest Since 2007

 

August 9, 2012

The number of Golden State homes sold for a million dollars or more rose last quarter to its highest level in almost five years, the result of an improving economy, some price increases and improved mortgage availability. The year-over-year gain for $1 million-plus sales was nearly double the increase for the overall housing market, a real estate information service reported.

A total of 7,763 homes sold for $1 million plus during the April-to-June period. That was up 79.5 percent from 4,325 during the first quarter, and up 18.5 percent from 6,553 in 2011's second quarter, according to San Diego-based DataQuick.

The jump in million-dollar sales last quarter outpaced overall home sales. Total California home sales - including all price levels - increased 10.3 percent year-over-year last quarter, from 109,713 in second-quarter 2011 to 121,058 last quarter.

Last quarter's $1 million-plus sales were the highest since third-quarter 2007, when 10,946 changed hands. The highest quarter in DataQuick's records, which go back to 1988, was third-quarter 2005, when 15,898 homes sold for $1 million or more.

"This market always responds to its own set of incentives. Most homebuyers agonize about income, down payments and mortgage interest rates. And while there may be some of that in the prestige market, buyers there also watch what kind of returns their assets are bringing from investments and savings. If your money is parked in a savings account or something else that is low-risk, you're not making much and real property might look good," said John Walsh, DataQuick president.

"Part of the sales increase is because prices are going up, pushing some near-million-dollar homes up over the million-dollar threshold. Those price increases don't appear to be dramatic, but they may also be pushing fence-sitters into the market," he said.

Statewide, 188 homes sold for $5 million or more last quarter, while 122 were in the $4-$5 million range, 316 were in the $3-$4 million range, 909 were in the $2-$3 million range, 5,100 were in the $1-$2 million range. The exact price on the rest could not be determined, although financing and other factors made it clear that it was a million-dollar sale.

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

The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included.

The most expensive confirmed purchase last quarter was a 17,908-square-foot, 9-bedroom, 14-bathroom Beverly Hills mansion built in 2008 which sold for $34,500,000 in May. It was also the largest million-dollar home sold last year.

While second-quarter sales in some communities were a mix of prestige and non-prestige homes, some communities are exclusively million-dollar, including 92067 Rancho Santa Fe, 94024 Los Altos and 90402 Santa Monica.

Newly-built houses and condos accounted for 4.3 percent of last quarter's $1 million-plus sales, down from 5.2 percent a year ago. Condo sales made up 8.8 percent of the million-dollar category, up slightly from 8.6 percent. Most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties.

The median-sized million-dollar home sold last quarter was 2,629 sq.ft., with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes in the April-to-June period was $632, up 2.0 percent from $619 in second-quarter 2011. For the market overall, the square-foot median was $169, up 6.4 percent from $159, DataQuick reported.

Last quarter, 31.0 percent of the $1 million-plus buyers paid cash, down from 37.7 percent the previous quarter and down from 31.9 percent for second-quarter 2011. In the over-$5 million category, 59.4 percent of the purchases were cash. Of those who did finance their purchase last year, the median down payment was 26.0 percent of the purchase price.

The lending institutions most willing to provide mortgage financing for $1 million-plus homes were Wells Fargo, Union Bank, First Republic Bank and Bank of America. Wells Fargo's market share was greater than the next three combined.

There are 8.74 million houses and condos in California. Of those, 239,636 are assessed for more than a million dollars by county assessor offices, up from 233,006 a year earlier, DataQuick reported.

For a list of top million dollar sale zip codes, see DQNews.com.

Source: DataQuick; DQNews.com
Media calls: Andrew LePage (916) 456-7157
Copyright 2012 DataQuick Information Systems. All rights reserved.

June Seattle Region Home Sale Press Release

Seattle Region June Home Sales

 Seattle-area home sales rose above a year earlier for the 12th consecutive month in June, when increased activity above $300,000 outweighed sales declines in some of the lower price ranges. Mirroring a trend seen in other large markets, the median sale price rose year-over-year for the third consecutive month, hitting a nearly two-year high, amid the simultaneous shift toward more mid- to high-end transactions and fewer foreclosure resales, a real estate information service reported.  

A total of 4,886 new and resale houses and condos closed escrow during June in the Seattle-Tacoma-Bellevue metro area encompassing King, Snohomish and Pierce counties. June's total sales rose 4.6 percent from the month before and increased 10.5 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records. 

A significant rise in sales between May and June is normal, with that increase averaging 9.8 percent since 1994, when DataQuick's complete Seattle-area statistics begin.  

The number of homes sold this June was the highest for that month since June 2007, when 7,255 homes sold. However, this June's sales total was still 21.2 percent below the average number of homes sold during the month of June since 1994.  

The Seattle-area resale market - existing single-family houses and condos combined - posted a 9.4 percent sales gain from a year earlier, while sales of newly built homes logged a 17.3 percent increase. June sales of new Seattle-area houses and condos combined were the highest for that month in two years.  

The year-over-year increase in total June sales was the result of more activity above $200,000. The number of homes that sold for less than $200,000 fell 1.0 percent from a year earlier. Sales above $300,000 rose 24.3 percent, while sales from $200,000 to $600,000 rose 14.3 percent from a year ago. The number of homes sold from $600,000 to $900,000 rose 35.4 percent year-over-year. (Note: $600,000-to-$900,000 sales represented 9.0 percent of June transactions, while sub-$200,000 deals accounted for 26.7 percent of the market and $200,000-to-$600,000 sales accounted for 60.7 percent). 

Buyers paid a median $289,950 for all new and resale houses and condos sold in the three-county Seattle area during June. That was up 3.0 percent from the prior month and up 8.2 percent from a year earlier. The median began rising on a year-over-year basis this April, following 20 consecutive months of year-over-year declines.  

June's median was 20.6 percent lower than the Seattle area's peak $365,200 median in June 2007, and it was 21.8 percent higher than the post-peak trough of $238,000 in January this year.    

Another key price measure, the median paid per square foot for resale single-family detached houses, rose to $176 in June - the highest since it was $178 in September 2010. This June's figure rose 2.9 percent from the prior month and rose 6.8 percent from a year earlier. The median paid per square foot has risen year-over-year for two consecutive months, following 20 straight months of year-over-year declines. The June figure was 26.3 percent lower than the peak $239 median paid per square foot in June 2007.  

At the county level in June, the median price paid per square foot for resale detached houses rose 4.1 percent year-over-year in King County, while it increased 1.8 percent from a year ago in Pierce County and rose 4.7 percent in Snohomish County.  

Distressed property sales - foreclosure resales and "short sales" combined - represented roughly 38 percent of the Seattle area's resale market in June, down from about 40 percent the month before and about 43 percent a year earlier.  

Foreclosure resales - properties foreclosed on in the prior 12 months - represented 14.6 percent of the resale market in June - the lowest since October 2008, when foreclosure resales were 10.4 percent of the resale market. This June's figure was down from 19.3 percent the prior month and down from 28.8 percent a year earlier.  

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 23.3 percent of the Seattle-area's June resales. That was up from 20.3 percent the month before and up from an estimated 13.9 percent a year earlier.  

In June, lenders foreclosed on 594 single-family houses and condo units in the region, up 13.6 percent from the month before and down 45.2 percent from a year earlier. During the first six months of this year, 3,175 homes were foreclosed on in the Seattle area, down 52.5 percent from the same period last year. The figures are based on the number of Trustees Deeds filed with county recorder offices.  

Investors and first-time buyers continue to snap up many of the distressed homes on the market. 

Absentee buyers - mainly investors - accounted for 17.2 percent of the Seattle area's June home sales, up from 16.9 percent the month before and down from 25.4 percent a year earlier. Absentee buyers paid a median $215,000 in June, up 2.4 percent from a year earlier. While many of these buyers are investors, they can include second-home buyers and others who indicated at the time of sale that the property tax bill would be sent to a different address. 

Many investors are among the cash buyers, who accounted for 23.9 percent of June home sales, up from 20.5 percent the prior month and 20.9 percent a year earlier. Cash buyers paid a median $256,641 in June, up 20.6 percent year-over-year.

In June, 19.9 percent of Seattle-area purchase mortgages were government-insured FHA loans, a popular, low-down-payment choice among first-time home buyers. That was down from 20.2 percent of home purchase loans the prior month, down from 25.6 percent a year earlier, and the lowest since the FHA level was 19.0 percent in June 2008. The region's FHA level peaked for the current housing cycle at 39.9 percent in October 2009.


See the full home sale chart at DQNews.com.

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick; DQNews.com

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