|By Marketwired .||
|April 24, 2014 12:01 AM EDT||
IRVINE, CA -- (Marketwired) -- 04/24/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its March and Q1 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,253,464 in March, an increase of 0.4 percent from February and up 8 percent from a year ago.
The median sales price of U.S. residential properties -- including both distressed and non-distressed sales -- was $164,500 in March, up 1 percent from February and up 10 percent from March 2013. March was the 24th consecutive month where U.S. median home prices increased on an annual basis, and the 10 percent annual increase was the biggest annual percentage increase in that 24-month span.
"The housing market showed signs of coming out of hibernation in March after a sluggish fall and winter," said Daren Blomquist, vice president at RealtyTrac. "Median home prices increased on a monthly basis following six consecutive months where they were flat or declining, and increased on an annual basis by the biggest percentage since hitting bottom in March 2012.
"Sales volume also increased slightly from March to February following four consecutive monthly decreases, but both annual sales volume and median prices are still below their recent peaks in October and August respectively," Blomquist continued. "Meanwhile, the distressed share of sales increased from the fourth quarter to the first quarter nationwide and in 38 states, which -- along with many non-distressed homeowners regaining enough equity to list their homes for sale -- is helping to ease low inventory conditions in some markets."
Local broker perspectives
"We've noticed that inventory levels and home prices are climbing in the Southern California market as homebuyers and sellers re-awaken after a very long winter that affected housing markets throughout the nation," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.
"The Ohio housing market has experienced a noticeable increase in showing activity and contracts, causing home prices to rise and increasing the amount of equity for homeowners throughout the state," said Michael Mahon, executive vice president and broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets, all of which saw double-digit percentage increases in median home prices in March. "As buyer demand has increased, so too has the number of multiple offer situations. These multiple offer situations are causing buyers to purchase in cash instead of mortgage financing to increase their negotiation power."
"Home prices continue to appreciate in the Oklahoma market, which is a great sign for current homeowners in the market, but we are not seeing an increase in sales volume," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. market. "Housing inventory is still low, and we have not had a big increase in buyers because there has not been a surge in available listings."
"Demand continues to exceed supply of entry-level single family homes while our luxury markets continue to be active with strong buyer preference for newer properties," said Steve Roney, CEO of Prudential Utah Real Estate, covering the Salt Lake City and Park City markets in Northern Utah.
"Closed transactions in the Denver metro area were down by about 8 percent year over year in March 2014. I believe this is a direct reflection of the historically low inventory levels we experienced in the Front Range during the first months of 2014," said Chad Ochsner, owner/broker of RE/MAX Alliance, covering the Denver market. "Thankfully, we are seeing a big increase in the number of homes coming onto the market, which means spring is going to be very, very busy."
Investors and second home buyers account for 34 percent of all sales in March
In March, 34 percent of all U.S. residential property sales were to buyers with a different mailing address than the property address -- most likely investors or second home buyers.
Furthermore, 7 percent of all sales in March were multi-parcel transactions where multiple properties were sold on the same date and recorded on the same sales deed document. These multi-parcel transactions are likely not reported on any Multiple Listing Service (MLS).
Sales volume decreases annually in 6 states, 21 of 50 larges metro areas in March
Despite the annual increase in residential sales volume nationwide, sales volume in March decreased from a year ago in six states and 21 of the nation's 50 largest metro areas.
States with decreasing sales volume compared to a year ago were Massachusetts, Rhode Island, California, Connecticut, Nevada and Arizona. Major metros with decreasing sales volume from a year ago included San Jose (down 18 percent), San Francisco (down 15 percent), Los Angeles (down 14 percent), Rochester, N.Y., (down 14 percent), Sacramento (down 13 percent), San Diego (down 12 percent), Orlando (down 12 percent), Las Vegas (down 12 percent), Providence, R.I. (down 12 percent), Phoenix (down 11 percent), Riverside-San Bernardino, Calif., (down 11 percent), Hartford, Conn., (down 10 percent), and Boston (down 8 percent).
Home price appreciation cooling in some of the first markets to bounce back
Although annual home price appreciation accelerated nationwide in March, some of the markets with the biggest bounce back in home prices from the bottom of the market showed signs of slowing home price appreciation during the month.
- In San Francisco, where median home prices are up 94 percent from the bottom in March 2009, March 2014 home prices increased 26 percent from a year ago, down from a peak annual home price appreciation of 39 percent in June 2013.
- In Detroit, where median home prices are up 92 percent from the bottom in May 2009, March 2014 home prices increased 29 percent from a year ago, down from a peak annual home price appreciation of 38 percent in October 2013.
- In Cape Coral-Fort Myers, Fla., where median home prices are up 86 percent from the bottom in November 2010, March 2014 home prices increased 14 percent from a year ago, down from a peak annual home price appreciation of 30 percent in January 2013.
- In Phoenix, where median home prices are up 59 percent from the bottom in March 2011, March 2014 home prices increased 13 percent from a year ago, down from a peak annual home price appreciation of 30 percent in April 2013.
- In Atlanta, where median home prices are up 41 percent from the bottom in February 2012, March 2014 home prices increased 20 percent from a year ago, down from a peak annual home price appreciation of 27 percent in December 2013.
Distressed sales and short sales account for 16 percent of all sales in first quarter
Short sales and distressed sales -- in foreclosure or bank-owned -- accounted for 16.4 percent of all sales in the first quarter, up from 14.5 percent in the previous quarter but still down from 18.5 percent in the first quarter of 2013. Metro areas with the highest share of combined short sales and distressed sales were Las Vegas (41.6 percent), Stockton (34.8 percent), Detroit (34.2 percent), Cleveland (34.2 percent), and Dayton, Ohio (33.4 percent).
Short sales nationwide accounted for 5.6 percent of all sales in the first quarter, up from 5.2 percent of all sales in the fourth quarter but down from 7.0 percent of all sales in the first quarter of 2013. Metros with a high percentage of short sales in the first quarter included Orlando (16.6 percent), Tampa (14.6 percent), Las Vegas (14.1 percent), Miami (13.7 percent), Jacksonville, Fla., (13.7 percent), and Memphis (12.7 percent).
Sales of bank-owned properties nationwide accounted for 9.6 percent of all sales in the first quarter, up from 8.6 percent of all sales in the previous quarter but down from 10.6 percent of all sales in the first quarter of 2013. Metro areas with the highest percentage of bank-owned sales in the first quarter were Dayton, Ohio (27.1 percent), Akron, Ohio (25.2 percent), Modesto, Calif. (25.0 percent), Stockton, Calif. (24.6 percent), Cleveland (23.8 percent), Las Vegas (23.7 percent) and Detroit (22.3 percent.
Sales at the public foreclosure auction accounted for 1.2 percent of all sales nationwide in the first quarter, up from 0.7 percent in the fourth quarter and up from 0.9 percent in the first quarter of 2013. Metro areas with the highest percentage of auction sales in the first quarter were Lakeland, Fla., (5.4 percent), Miami (4.0 percent), Las Vegas (3.8 percent), Atlanta (3.5 percent) and Charlotte (3.4 percent).
The RealtyTrac U.S. Residential Sales Report provides counts and median prices for sales of residential properties nationwide, by state and metropolitan statistical areas with a population of 500,000 or more. Data is also available at the county level upon request. The report also provides a breakdown of cash sales, institutional investor sales, short sales, bank-owned sales and foreclosure auction sales to third parties. The data is derived from recorded sales deeds and loan data, which is used to determine cash sales and short sales. Sales counts for recent months are projected based on seasonality and expected number of sales records for those months that are not yet available from public record sources but will be in the future given historical patterns. Statistics for previous months are revised when each new monthly report is issued as more deed data becomes available for those previous months.
Residential property sales: sales of single family homes, condominiums/townhomes, and co-ops, not including multi-family properties.
Annualized sales: an annualized estimate of the number of residential property sales based on the actual number of sales deeds received for the month, accounting for expected sales records for that month that will be received in future months as well as seasonality.
Distressed sales: sale of a residential property that is actively in the foreclosure process or bank-owned when the sale is recorded.
Distressed discount: percentage difference between the median price of distressed sales and a non-distressed sales in a given geographic area.
Bank-Owned sales: sales of residential properties that have been foreclosed on and are owned by the foreclosing lender (bank).
Short sales: sales of residential properties where the sale price is below the combined total of outstanding mortgages secured by the property.
Foreclosure Auction sales: sale of a property at the public foreclosure auction to a third party buyer that is not the foreclosing lender.
The RealtyTrac U.S. Residential & Foreclosure Sales report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information contact our Data Licensing Department at 800.462.5193 or [email protected].
About RealtyTrac Inc.
RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by many federal government agencies, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2575133
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Oct. 28, 2016 12:02 PM EDT
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 28, 2016 12:00 PM EDT Reads: 1,226
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will present at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they manag...
Oct. 28, 2016 12:00 PM EDT Reads: 3,683
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
Oct. 28, 2016 12:00 PM EDT Reads: 931
As companies adopt the cloud-to-streamline workflow, deployment hasn’t been very seamless because of IT concerns surrounding security risks. The cloud offers many benefits, but protecting and securing information can be tricky across multiple cloud providers and remains IT’s overall responsibility. In his session at 19th Cloud Expo, Simon Bain, CEO of SearchYourCloud, will address security compliance issues associated with cloud applications and how document-level encryption is critical for sup...
Oct. 28, 2016 12:00 PM EDT Reads: 417
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 28, 2016 11:45 AM EDT Reads: 16,666
Join IBM November 2 at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how to go beyond multi-speed it to bring agility to traditional enterprise applications. Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls...
Oct. 28, 2016 11:30 AM EDT Reads: 161
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Oct. 28, 2016 11:30 AM EDT Reads: 2,100
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Oct. 28, 2016 11:00 AM EDT Reads: 2,272
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Oct. 28, 2016 11:00 AM EDT Reads: 359
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, will discuss the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They will also review two "free infrastruct...
Oct. 28, 2016 10:32 AM EDT Reads: 212
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 28, 2016 10:30 AM EDT Reads: 2,954
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 28, 2016 09:15 AM EDT Reads: 11,629
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Oct. 28, 2016 09:00 AM EDT Reads: 2,033
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Oct. 28, 2016 08:30 AM EDT Reads: 718