Skip to main content

Majority of Metro Areas Poised for Eight-Year Home Sale Highs

Sep 24, 2015
Home in Hands Pic

More than half of the nation’s metro areas are on track to reach nine-year highs in home sales, according to new data released this morning by RealtyTrac.

The new August 2015 U.S. Home Sales Report from RealtyTrac found more than 1.9 million single-family homes and condos were sold last month, up 5.4 percent on a year-over-year basis. Out of 204 metro areas analyzed by RealtyTrac, 110 were on pace for an eight-year high in 2015, while 58 were aiming to reach nine-year high and 22 were on pace for a 10-year high.

All-cash sales accounted for 24.5 percent of all single-family home and condo sales in August, up from July’s seven-year low of 23.6 percent but below the 26.7 percent level August 2014 and far below the 39.6 percent peak in February 2013. The share of buyers using Federal Housing Administration loans made up 23.1 percent of all single-family and condo sales last month, up slightly from 23 percent in July and up from 17.8 percent in August 2014.

Distressed sales accounted for 8.9 percent of all August sales, down from 9.3 percent in July and down from 12.2 percent a year ago; last month marked the lowest level for distressed sales since RealtyTrac began following this sector in January 2000. Sales of homes to institutional investors—defined by RealtyTrac as “entities that purchase at least 10 properties during a calendar year”—accounted for one percent of all single family home and condo sales in August, up from 0.3 percent in July but down from 3.2 percent in August 2014.

“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,” said Daren Blomquist, vice president of RealtyTrac.

About the author
Published
Sep 24, 2015
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024