Thursday, August 29, 2013

Cash Purchases Jump to 40 Percent of all Sales in July as Sales Volume Drops in Fastest-Appreciating Markets, According to RealtyTrac Residential Sales Report

IRVINE, CA – Aug. 29, 2013 — RealtyTrac® (, the nation’s leading source for comprehensive housing data, today released its July 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties sold at an estimated annualized pace of 5.5 million in July 2013, up 4 percent from the previous month and up 11 percent from a year ago — the biggest annual increase in sales volume so far this year.

While sales volume continued to increase nationwide, eight states posted annual decreases in total sales, including California (down 17 percent), Arizona (down 11 percent), Nevada (down 7 percent), and Georgia (down 2 percent). 

Those four states also posted the four biggest annual increases in median home prices in July: California (up 31 percent); Nevada (up 27 percent); Arizona (up 21 percent); and Georgia (up 20 percent).

The national median sales price was $174,500 in July, up 4 percent from the previous month and up 6 percent from a year ago — the 16th consecutive month where median home prices nationwide have increased annually after bottoming in March 2012. 

The median price of a distressed sale — in foreclosure or bank owned — was $120,000, up 1 percent from the previous month but down 1 percent from a year ago and 37 percent below the median sales price of a non-distressed residential property.

“Low inventory of homes available for sale is proving to be a double-edged sword in many local housing markets that have bounced back quickly from the real estate slump,” said Daren Blomquist, vice president at RealtyTrac. 

“Home prices are accelerating rapidly in these markets thanks to the combination of low supply and strong demand. However, counter to the national trend, sales volume in these markets is down even as the percentage of cash sales rises, indicating there is still strong demand but that buyers who need financing to purchase are increasingly left out in the cold.

Daren Blomquist
“The recent uptick in interest rates could also be contributing to a higher percentage of cash purchases as some non-cash buyers can no longer afford to buy, particularly in high-priced markets,” Blomquist added.

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Brittney Marin
949.502.8300, ext. 107

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