About 1.9 million single-family homes and condos had sold so far this year as of August – an increase of 5.4% compared with the same period last year, according to RealtyTrac.
The firm says U.S. home sales as of August were on track to reach almost the same level seen in 2007. During the period from January 2007 through August 2007, there were about 2.1 million home sales, according to the firm.
In fact, the firm says home sales as of August were on pace to reach an eight-year high in 110 out of 204 (54%) metropolitan statistical areas tracked. Topping the list is Los Angeles; Phoenix; Dallas; Denver; Riverside-San Bernardino, Calif.; Detroit; Seattle; Tampa, Fla.; Minneapolis; and Portland, Maine.
Another 58 cities, or 28%, were on pace to reach nine-year highs in home sales by the end of this year, and 22, or 11%, were on pace to reach 10-year highs.
‘The continued strength in sales volume across a wide spectrum of markets in August indicates that shockwaves from recent global stock market instability have not weakened the housing recovery, and in fact, there is evidence that the instability has fueled more demand for U.S. real estate,’ says Daren Blomquist, vice president of RealtyTrac, in a statement. ‘The share of cash sales nationwide in August bounced back from a seven-year low in July, and the month-over-month increase in cash sales share was more pronounced in markets that have traditionally been magnets for foreign cash buyers – including Boston, Las Vegas, San Francisco, Seattle and New York.’
All-cash sales accounted for 24.5% of all single-family home and condo sales in August – up from a seven-year low of 23.6% in July but down from 26.7% in August 2014.
All-cash sales peaked at about 39.6% in February 2013, according to RealtyTrac.
Another interesting trend is the following: Federal Housing Administration buyers accounted for 23% of all home sales in August – up from 18% in August 2014.