Welcome!

News Feed Item

Home Price Appreciation Slows in 65 Percent of U.S. Housing Markets in July Compared to a Year Ago

Distressed Sales and Short Sales Down to 13.6 Percent of All Sales; U.S. Home Sales Volume Down From Year Ago for Third Straight Month

IRVINE, CA -- (Marketwired) -- 08/28/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its July 2014 U.S 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 4,634,513 in July, down 3 percent from the previous month and down 12 percent from a year ago -- the third consecutive month where annualized sales volume has decreased on a year-over-year basis.

The median price of U.S. residential properties sold in July -- including both distressed and non-distressed sales -- was $191,000, up 3 percent from the previous month, and up 12 percent from a year ago to the highest level since September 2008, a 70-month high.

"As distressed sales continue to decline, the share of sales is tilting toward more expensive homes, boosting the nationwide median sales price," said Daren Blomquist, vice president of RealtyTrac. "The nationwide home price increase, however, masks slowing home price appreciation in the majority of housing markets across the country. This slowing appreciation was expected and provides another sign that the real estate recovery thus far is behaving rationally. Still, the housing market is entering a dicey transition phase where it is becoming much more reliant on first-time homebuyers and move-up buyers to sustain the recovery as investor involvement wanes."

Other high-level findings:

  • Properties selling in the $200,000-and-below price range accounted for 49 percent of all sales in July, down from 52 percent of all sales a year ago, while properties selling above $200,000 accounted for 51 percent of all sales in July, up from 48 percent of all sales a year ago.

  • States with the biggest annual increase in median sales prices were Michigan (24 percent increase), Ohio (20 percent increase), Virginia (20 percent increase), Minnesota (14 percent increase), and New York (13 percent increase).

  • Metros with the biggest annual increase in median sales price included Detroit (up 33 percent), Dayton, Ohio (up 31 percent), Stockton, Calif., (up 24 percent), Modesto, Calif., (up 22 percent), Cleveland (up 20 percent), and Miami (up 19 percent).

  • Among 183 metropolitan statistical areas with a population of 200,000 or more and with sufficient sales data, 119 (65 percent) saw lower annual home price appreciation in July 2014 compared to July 2013.

  • Markets where annual home price appreciation in July 2014 dropped to single digits from double digits a year ago included San Francisco, San Diego, Los Angeles, Chicago, Portland, Denver and Phoenix.

  • Out of the 183 major markets, 18 (10 percent) reached new median home price peaks in the last two months, including Denver, San Jose, Calif., Columbus, Ohio, Charlotte, N.C., Austin, Texas, Nashville, Tenn., and Oklahoma City.

  • The median price of U.S. distressed sales -- properties in the foreclosure process or bank-owned -- was $128,000 in July, up 3 percent from the previous month and up 11 percent from a year ago, but still 37 percent below the median price of non-distressed sales: $204,000.

Local broker insights
"Coastal areas in Southern California that were first to rebound from the distressed-heavy market last year are slowing to more long-term sustainable growth," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. "Other areas have finally worked through their distressed inventory and are seeing significant price increases while the pent up demand for new inventory by inventors, flippers and prospective home buyers is prevalent."

"The Seattle housing market continues to perform strongly thanks in large part to the health of our local economy, while our biggest challenge is the supply of homes available to buyers," said OB Jacobi, president of Windermere Real Estate, covering the Seattle market. "In Seattle we currently have about one month's supply of inventory compared to a healthy market that should have four to six months. The result is a highly charged, highly competitive housing market where many homes are drawing multiple offers and selling for well above list price.

"At the same time, the double-digit price increases we saw in months past have slowed somewhat, which is actually a good thing because as history has taught us, this kind of sustained appreciation can lead to boom and bust cycles that none of us want to relive," Jacobi added.

"The Denver housing market experienced its typical end-of-summer lull, however, homes under $300,000 are still moving rapidly, many with multiple offers," said Phil Shell, managing broker at RE/MAX Alliance, covering the Denver market. "The overall market is not as frantic as it was during spring of this year but it is still brisk, and pricing is becoming more important when listing a property as the overpriced inventory is sitting for longer periods of time."

California and Florida markets post highest distressed sale share
Short sales and distressed sales -- in foreclosure or bank-owned -- accounted for 13.6 percent of all single family and condo sales in July, up from 12.8 percent in June but down from 15.0 percent in July 2013.

Markets with the highest share of distressed sales and short sales combined were Las Vegas (40.3 percent), Stockton, Calif., (39.9 percent), Modesto, Calif. (33.4 percent), Lakeland, Fla., (30.6 percent), and Cape Coral-Fort Myers, Fla., (27.9 percent).

Markets bucking the national trend with a year-over-year increase in share of distressed sales and short sales combined included New Haven, Conn., Louisville, Ky., Boston, Youngstown, Ohio and Des Moines, Iowa.

Short sales increase from previous month but still down from year ago
Short sales accounted for 4.5 percent of all single family and condo sales in July, up from 3.5 percent in the previous month but down from 5.2 percent a year ago.

Markets with the highest share of short sales in July were Lakeland, Fla., (14.3 percent), Orlando, Fla., (13.7 percent), Las Vegas (13.1 percent), Tampa (12.5 percent), Cape Coral-Fort Myers, Fla., (12.3 percent).

Markets bucking the national trend with a year-over-year increase in share of short sales included Little Rock, Ark., Albany, N.Y., Chicago, Virginia Beach, Va., and Cleveland.

Oklahoma City, Des Moines, San Diego, Boston see increasing REO sales share
Bank-owned (REO) sales accounted for 8.0 percent of all single family and condo sales in July, down from 8.1 percent in the previous month and down from 9.1 percent a year ago to the lowest level since January 2011.

Markets with the highest share of bank-owned sales in July were Stockton, Calif., (30.3 percent), Modesto, Calif., (25.3 percent), Las Vegas (24.7 percent), Bakersfield, Calif., (20.0 percent), and Riverside-San Bernardino, Calif., (19.4 percent).

Markets bucking the national trend with a year-over-year increase in share of REO sales included New Haven, Conn., Des Moines, Oklahoma City, Louisville, Ky., Boston, Stockton, Calif., San Jose, Calif., and San Diego.

Miami, Orlando, Atlanta among markets with highest share of foreclosure auctions
Sales at the foreclosure auction accounted for 1.2 percent of all single family and condo sales in July, up from 1.1 percent in June and up from 0.8 percent in July 2013.

Markets with the highest share of auction sales in July were Miami (4.6 percent), Lakeland, Fla., (4.3 percent), Orlando, Fla., (3.8 percent), Lancaster, Pa., (3.4 percent), and Atlanta (3.2 percent).

Markets bucking the national trend with a year-over-year decrease in share of auction sales included Sacramento, Calif., Portland, Ore., Tucson, Ariz., Bakersfield, Calif., and Seattle.

Report methodology
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.

Definitions
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.

Report License
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
RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 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.

Embedded Video Available

Embedded Video Available: http://www2.marketwire.com/mw/frame_mw?attachid=2666028

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"WineSOFT is a software company making proxy server software, which is widely used in the telecommunication industry or the content delivery networks or e-commerce," explained Jonathan Ahn, COO of WineSOFT, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...