|By Marketwired .||
|June 24, 2014 12:01 AM EDT||
IRVINE, CA -- (Marketwired) -- 06/24/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its May 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 5,147,550 in May, virtually unchanged from April and an increase of less than 1 percent from May 2013.
The median sales price of U.S. residential properties -- including both distressed and non-distressed sales -- was $180,000, up 6 percent from the previous month and up 13 percent from a year ago. The year-over-year increase in May was the second consecutive month with a double-digit annual increase in U.S. home prices, and the biggest annual increase since U.S. home prices bottomed out in March 2012.
The median price of distressed sales -- properties in the foreclosure process or bank-owned -- was $120,000, 37 percent below the median price of non-distressed properties: $190,000. Distressed sales and short sales combined accounted for 14.3 percent of all U.S. residential sales in May, down from 15.6 percent of sales in April and down from 15.9 percent of all sales in May 2013.
"Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges," said Daren Blomquist, vice president at RealtyTrac. "When broken down by average price range, U.S. sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from a 45 percent a year ago to a 50 percent in May 2014."
Home sales in higher price ranges represent growing share of market
Sales prices in every price range above $200,000 analyzed in the report increased as a share of total sales, both from the previous month and from a year ago, with the increase generally higher in the higher price ranges (see table below).
The share of home sales in the $200,000 to $300,000 price range increased 2 percent from the previous month and were up 6 percent from a year ago, but the share of home sales in all price ranges above $750,000 was up more than 20 percent from a year ago.
Meanwhile the share of home sales decreased from a year ago in all price ranges below $200,000, with bigger decreases corresponding to lower price ranges. The share of homes priced between $100,000 and $200,000 decreased 5 percent from a year ago, while the share of homes between $50,000 and $100,000 decreased 13 percent and the share of homes priced below $50,000 -- often highly distressed homes -- decreased 22 percent.
Home sales in the $100,000 to $200,000 price range accounted for one-third of all home sales in May -- the largest percentage of any price range -- but homes priced between $200,000 and $400,000 were close, accounting for nearly 32 percent of all sales for the month. Sales of homes priced in the $200,000 to $400,000 range were at their highest percentage of U.S. home sales since September 2008 -- a 68-month high.
Markets with highest annual home price appreciation
States with the biggest increases in median prices in May compared to a year ago were New York (up 28 percent), Ohio (up 19 percent), Michigan (up 18 percent), Illinois (up 17 percent), and Georgia (up 16 percent).
Some markets in these states and others are continuing to see home price appreciation accelerate compared to last year:
- Cleveland: median home prices up 18 percent from year ago compared to 1 percent annual home price appreciation in May 2013. Second consecutive month with double-digit increase in home prices.
- Dayton, Ohio: median home prices up 18 percent from year ago compared to 1 percent annual home price decrease in May 2013. Fourth consecutive month with double-digit increase in home prices.
- Akron, Ohio: median home prices up 16 percent from year ago compared to 4 percent annual home price appreciation in May 2013. Third consecutive month with double-digit increase in home prices.
- Columbus, Ohio: median home prices up 13 percent from year ago compared to 3 percent annual home price decrease in May 2013. Fourth consecutive month with double-digit increase in home prices.
- Austin, Texas: median prices up 11 percent from year ago compared to 7 percent annual home price appreciation in May 2013. Eight out of last nine months with double-digit increase in home prices.
- Augusta, Ga.: median home prices up 11 percent from year ago compared to 4 percent annual home price decrease in May 2013.
"Housing demand across Ohio is currently outpacing supply in many metro areas. As demand remains healthy, we are seeing home prices rise in many areas year over year, creating a return of equity and enabling homeowners to now consider placing their homes on the market to take advantage of low interest rates," said Michael Mahon, executive vice president/broker at HER Realtors, covering the Columbus, Cincinnati and Dayton, Ohio markets.
"While demand is high, concern still remains regarding the lack of available inventory particularly within the first time homebuyer segment of the market," Mahon continued. "Home sellers should consider now an optimal time to review their financial and housing goals with a real estate agent, and consider taking advantage of the higher prices they could potentially receive on selling their home in today's market."
Cooling markets for home price appreciation
Although home price appreciation accelerated on a national basis in May, it continued to cool in some markets with torrid increases in 2013:
- Phoenix: median home prices up 6 percent from year ago compared to 28 percent annual home price appreciation in May 2013. Smallest annual increase in home prices since February 2012.
- Las Vegas: median home prices up 15 percent from year ago compared to 24 percent annual home price appreciation in May 2013. Smallest annual increase in home prices since August 2012.
- Los Angeles: median home prices up 11 percent from year ago compared to 27 percent annual home price appreciation in May 2013. Smallest increase since November 2012.
- Denver: median home prices up 7 percent from year ago compared to 14 percent annual home price appreciation in May 2013. Smallest increase since April 2012.
- Tampa: median home prices up 5 percent from year ago compared to 23 percent annual home price appreciation in May 2013.
"Inventory remains historically low, which is keeping home prices steady," said Wesley Hardin with RE/MAX Alliance, covering the Denver, Colo. market. "We are starting to see more transactions terminated than ever before because sellers want to make sure they are getting the best deal on their property."
Sales volume decreases annually in 23 states, 31 of 50 largest metro areas
The 1 percent increase in U.S. annualized sales in May from a year ago was the smallest increase in any month so far this year, and the 0.19 increase from the previous month marked the eighth consecutive month with flat or declining home sales on a month-over-month basis.
Annualized sales volume in May decreased from a year ago in 23 states and the District of Columbia, along 31 of the nation's 50 largest metropolitan statistical areas.
States with decreasing sales volume from a year ago included California (down 15 percent), Arizona (down 10 percent), Nevada (down 7 percent), Michigan (down 3 percent), and Florida (down 3 percent).
Major metro areas with decreasing sales volume from a year ago included Boston (down 23 percent), Fresno, Calif., (down 22 percent), Orlando (down 18 percent), Los Angeles (down 16 percent), and Phoenix (down 13 percent).
"Sales continue to be down year over year, but inventory levels are beginning to climb giving prospective homeowners more choices to buy within the Southern California market," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.
Highest share of distressed sales in Las Vegas, Lakeland and Modesto
Short sales and distressed sales -- in foreclosure or bank-owned -- accounted for 14.3 percent of all sales in May, down from 15.6 percent in April and down from 15.9 percent of all sales in May 2013.
Metro areas with the highest share of combined short sales and distressed sales were Las Vegas (36.6 percent), Lakeland, Fla., (33.3 percent), Modesto, Calif., (31.9 percent), Jacksonville, Fla., (31.7 percent), and Riverside-San Bernardino-Ontario in Southern California (29.3 percent).
Short sales nationwide accounted for 4.5 percent of all sales in May, down from 5.4 percent in April and down from 5.8 percent in May 2013. Metros with the five highest percentages of short sales in May were all in Florida: Lakeland (17.7 percent), Orlando (14.9 percent), Tampa-St. Petersburg-Clearwater (13.4 percent), Palm Bay-Melbourne-Titusville (12.9 percent), and Sarasota (11.6 percent).
Sales of bank-owned (REO) properties nationwide accounted for 8.6 percent of all sales in May, down from 9.1 percent of all sales in April and down from 9.3 percent of all sales in May 2013. Metros with the highest percentage of REO sales in May were Modesto, Calif., (26.7 percent), Riverside-San Bernardino-Ontario (23.3 percent), Las Vegas (23.1 percent), Stockton, Calif., (21.5 percent), and Bakersfield, Calif. (19.7 percent).
Sales at the public foreclosure auction accounted for 1.2 percent of all sales nationwide in May, up from 1.1 percent of all sales in April and up from 0.8 percent of all sales in May 2013. Metros with the highest percentage of foreclosure auction sales in May included Orlando (3.8 percent), Tampa-St. Petersburg-Clearwater (3.8 percent), Miami (3.7 percent), Indianapolis (3.5 percent), and Lakeland, Fla., (3.4 percent).
Biggest distressed discounts on scheduled auctions, vacant with negative equity
As a supplement to the May U.S. Residential & Foreclosure Sales Report, RealtyTrac analyzed residential property sales transactions in the 12 months ending in March 2014 to pinpoint which types of distressed properties are selling at the biggest discounts based on foreclosure status, occupancy status, equity and year built range.
The analysis looked at 24 different distressed property profiles based on these four factors, comparing the sales price to the estimated full market value for each sale. The final discount was calculated by comparing the average discount (below market value) or premium (above market value) for each property profile to the control of properties not in foreclosure that sold during the same time period.
Based on this analysis, distressed properties with the biggest discount were those scheduled for public foreclosure auction that were vacant, had negative equity and were built between 1950 and 1990. Properties in this category sold for an average discount that was 28 percent below the control group of non-distressed sales.
Other distressed property profiles with discounts among the top five nationwide were the following:
- Properties in default with positive equity (26 percent discount)
- Properties in default with negative equity, vacant and built in 1950 or before (26 percent discount)
- Properties scheduled for foreclosure auction with negative equity and vacant (25 percent discount)
- Properties scheduled for foreclosure auction and vacant (25 percent).
Distressed properties selling at a premium
The analysis found that not all distressed properties sold at a big discount, and in some cases even sold at a premium above non-distressed properties. Bank-owned properties overall sold at a 3 percent premium, while bank-owned properties built in 1950 or before sold at a 7 percent premium.
Some sub-categories of bank-owned homes sold at a discount. Bank-owned properties that were confirmed vacant -- without the former homeowner or tenant still living there -- sold at an 18 percent discount below the non-distressed control, and bank-owned properties that sold after 1990 and between 1950 and 1990 also sold at slight discounts.
Properties with negative equity that were not in foreclosure or bank owned sold at a substantial premium of 19 percent above the control of all properties with no foreclosure status.
Best distressed discounts vary by state
The analysis also found the property profiles with the biggest discounts -- and the discounts available -- varied significantly by state. Below are the distressed property profiles with the biggest available discounts for select states.
- California: scheduled for foreclosure auction with positive equity (17 percent discount)
- Florida: scheduled for foreclosure auction with negative equity, vacant and built between 1950 and 1990 (29 percent discount)
- Ohio: in default, negative equity, vacant and built between 1950 and 1990 (34 percent discount)
- Michigan: in default and vacant (34 percent discount)
- New York: scheduled for foreclosure auction with negative equity and vacant (38 percent discount)
The RealtyTrac U.S. Residential & Foreclosure 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 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].
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=2624297
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 6, 2016 12:30 PM EST Reads: 2,089
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 12:30 PM EST Reads: 1,004
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Dec. 6, 2016 12:28 PM EST Reads: 137
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Dec. 6, 2016 11:54 AM EST Reads: 113
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 6, 2016 11:45 AM EST Reads: 308
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 6, 2016 11:30 AM EST Reads: 1,016
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 11:15 AM EST Reads: 432
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 6, 2016 11:00 AM EST Reads: 572
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Dec. 6, 2016 10:30 AM EST Reads: 1,175
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:30 AM EST Reads: 967
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 10:15 AM EST Reads: 545
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 6, 2016 09:15 AM EST Reads: 2,146
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Dec. 6, 2016 09:00 AM EST Reads: 5,819
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 09:00 AM EST Reads: 713
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 6, 2016 09:00 AM EST Reads: 3,968