IRVINE, CA—RealtyTrac, the nation's leading source for comprehensive housing data, today released its July 2015 U.S. Home Sales Report, which shows sales of properties in-foreclosure and cash sales were down from a year ago to multi-year lows.
Meanwhile, year-to-date US home sales in 2015 are at an eight-year high, and the US median home price in July was at an 82-month high, the report shows.
The sale of properties sold while in the foreclosure process (not including bank-owned properties) accounted for 6.4% of all single family and condo sales in July, down from 6.6% of all sales in June and down from 8% in July 2014 to the lowest monthly share since January 2000 — the earliest that data is available.
All-cash buyers accounted for 22.6% of all single family home and condo sales in July, down from 23.7% of all sales in the previous month and down from 26.5% of all sales in July 2014 to the lowest percentage of cash sales in a month since July 2008 – a 7-year low, and down from the most recent peak of 39% in February 2013 (highest going back as far as RealtyTrac has national data, January 2000).
A total of 1,344,129 single family homes and condos sold in the first six months of 2015, according to public record sales deeds collected by RealtyTrac, the highest number of sales in the first half of any year since 2007.
The US median home sales price in July was $189,500, up 2 percent from the previous month and up 2 percent from a year ago to the highest level since September 2008.
“While the stock market may be on a roller coaster as of late, the housing market is still on solid ground, with the eight-year low in cash sales combined with the eight-year high in overall sales volume in the first half of the year evidence that housing is successfully transitioning from an investor-driven recovery to one that is drawing in traditional buyers as a good foundation for sustainable growth going forward,” said Daren Blomquist, vice president at RealtyTrac. “That's not to say there are no cracks in the foundation of this recovery, the top three of which are housing affordability — or lack thereof in some high-flying markets — along with overdependence on capricious cash buyers — both foreign and domestic — in some markets, and the persistent overhang of underwater homeowners who continue to represent heightened default risk given any future economic shockwaves.”
Ten Markets Hit Peak
Out of 161 markets analyzed for home sales prices (excluding non-disclosure states), 10 metros (6 percent) reached new home price peaks in July, and 20 percent of the 161 metro areas analyzed have hit new home price peaks in 2014 or 2015.
| MSA | July 2015 Median Sales Price |
| Denver-Aurora, CO | $295,000 |
| San Jose-Sunnyvale-Santa Clara, CA | $822,000 |
| Columbus, OH | $155,000 |
| Nashville-Davidson--Murfreesboro--Franklin, TN | $179,900 |
| Raleigh-Cary, NC | $208,500 |
| Omaha-Council Bluffs, NE-IA | $168,000 |
| Colorado Springs, CO | $215,000 |
| Madison, WI | $220,000 |
| Boulder, CO | $389,450 |
| Burlington-South Burlington, VT | $253,500 |
“We are beginning to sense increasing inventory. Homeowners may be thinking that now is the right time to sell. There are some very real issues regarding the oil and gas industry, the threat of the Federal Reserve raising rates, a nationally less than robust economy, and negative vibes from foreign economies,” said Gene Vaughn, owner/broker at RE/MAX Alliance, covering the Northern Colorado market. “Construction of new homes is in a higher gear to better meet demand and we may very well see a modest cooling in the fourth quarter of this year.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
