RealtyTrac: Home Sales Up About 6% Compared With Last Year

Posted by Patrick Barnard on December 07, 2015 No Comments
Categories : Residential Mortgage

About 2.8 million single-family homes and condos were sold in the first 10 months of 2015 – an increase of 6% compared with about 2.7 million sold during the same time period in 2014, according to RealtyTrac's home sales report for October.

Mortgages backed by the Federal Housing Administration (FHA) accounted for 16.1% of all single-family home and condo sales with financing in October – excluding all-cash sales – a decrease of 16.9% compared with the previous month but an increase of 12.6% compared with October 2014.

Metro areas with the highest share of FHA buyers in October included Ogden, Utah (34.2%); Visalia, Calif. (30.9%); Salt Lake City (30.6%); Elkhart, Ind. (29.9%); Yuma, Ariz. (29.9%); and Merced, Calif. (29.5%).

Meanwhile, sales of homes to institutional investors – entities that purchase at least 10 properties during a calendar year – in October accounted for 3.6% of all single-family home and condo sales, unchanged from the previous month but down from 5.5% compared with October 2014.

Among markets with at least 100 or more total sales in October, those with the highest share of institutional investor purchases were Killeen, Texas (12.4%); Columbus, Ga. (12.2%); Jacksonville, N.C. (11.6%); Huntsville, Ala. (10.1%); and Memphis, Tenn. (10.1%).

About 8.1% of all sales in October were bank-owned (real estate owned, or REO) single-family homes and condos. This was unchanged from the previous month but down from 10.6% compared with October 2014, according to RealtyTrac.

The median sales price of a bank-owned home in October was $121,000, which is 42% lower compared with the overall median home sales price during the month.

Metros with the highest share of REO sales in October were East Stroudsburg, Pa. (31.7%); Bakersfield, Calif. (25.5%); California, Md. (24.5%); Tallahassee, Fla. (20.3%); and Jacksonville, Fla. (19.0%).

About 5.2% of all single-family and condo sales in October were short sales – unchanged from September but down from 5.5% a year ago.

To read the full report, click here.

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