IRVINE, CA—The residential real estate market both informs and reflects activity in the commercial real estate realm. RealtyTrac keeps close watch on foreclosures, sales and other related issues in the residential real estate industry. We spoke exclusively with Daren Blomquist, VP of RealtyTrac, about the biggest changes he saw in the residential market during 2014 and what he believes lies ahead in the new year.
GlobeSt.com: What do you consider to be the most significant changes the residential real estate market experienced during 2014, either in terms of foreclosures, sales or anything else?
Blomquist: The transition from a rebounding market to a reality-based market, which happened in the second half of the year, as evidenced by two trends:
- Annual home-price appreciation has slowed to single digits in most markets. Our data shows year-over-year home-price appreciation was an average of 6% in November among all metro areas with a population of 500,000 or more (102 total). That is down from an average 10% in November 2013.
- Cash sales in the third quarter dropped back close to historic norm of 33% and the lowest level since the fourth quarter of 2010.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.