DataQuick announced in its monthly Property Intelligence Report (PIR) that home sales increased in 29 of the 42 reporting markets in February, up significantly from the 11 counties reporting improved sales numbers in January. However, overall sales have only increased in six markets over the last quarter and in 16 counties over the last year.
“While we saw a slight uptick from the extremely low sales levels reported in January, total sales remain far below historical levels,” said DataQuick’s vice president of analytics, Gordon Crawford, Ph.D. “Many underlying economic factors have contributed to decreased sales over the past year, including unsustainable home price growth. Though wide-spread price increases have started to level-off some in the early part of the year, annualized home price growth across all 42 reported markets remained high in February at 7.5 percent.”
A good example of the uneven sales landscape can be found in the market of Harris County, Texas (Houston), which saw month-over-month sales increase by nearly 15 percent from January, but still reported homes sales down more than 10 percent for the quarter and 17 percent for the year.
The PIR also reports that February foreclosure activity increased in some areas that had been experiencing consistent foreclosure decreases. In fact, foreclosures fell in only 19 of the 42 reporting counties last month compared to the 31 markets that saw decreased foreclosure activity in January. The most notable foreclosure increases were found in Lee Count, Fla. (Ft. Meyers), which saw a more than 63 percent jump in activity after being down nearly 45 percent last month and in Fulton County, Ga (Atlanta) where foreclosures increased by 42 percent last month after seeing declines of more than 38 percent in January.
DataQuick’s monthly Property Intelligence Report (PIR) leverages its national property database and analytics expertise to assess 42 of the largest counties in the United States using valuation trends, REO inventory trends and sales trends metrics. Other key findings for February include:
►Home price growth was positive in 38 of the 42 reported counties over the last month.
►Home price growth was positive in 40 of the 42 reported counties over the last quarter.
►Home price growth was positive in 39 of the 42 reported counties over the last year.
►Sales increased in 29 of the 42 reported counties over the last month.
►Sales increased in six of the 42 reported counties over the last quarter.
►Sales increased in 16 of the 42 reported counties over the last year.
►Foreclosures decreased in 19 of the 42 reported counties over the last month.
►Foreclosures decreased in 26 of the 42 reported counties over the last quarter.
►Foreclosures decreased in 27 of the 42 reported counties over the last year.