Tag: Distressed Homes

Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand. Some markets reported slower foot traffic in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains. Total housing inventory declined 0.4% to 2.24 million existing homes available for sale, and is now 4.75 lower than a year ago. Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months the month before. » [read more]

 

All Cash Investor Sales Continue To DropAll-cash sales were 23% of transactions dropping for the second consecutive month from 29% the month before and representing the lowest overall share since December 2009 when it was 22%. Individual investors, who account for many cash sales, purchased 12% of homes down from 16% last month and 17% in August 2013. Sixty-four percent of investors paid cash last month.All Cash Investor Sales Continue To Drop Economists says a gradual decline in investor activity, many who pay in cash, is good for the market and creates more opportunity for buyers who rely on financing to purchase a home. The percent share of first-time buyers remained unchanged from the month before at 29%. First-time buyers have represented less than 30% of all buyers in 16 of the past 17 months. » [read more]

 

The median time on market for all homes was 48-days, up from 44-days last month; it was 42-days on market in July 2013. Short sales were on the market for a median of 93-days while foreclosures sold in 58-days and non-distressed homes typically took 45-days. Forty percent of homes sold were on the market for less than a month. Total housing inventory at the end of the month rose 3.5% to 2.37 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace. Unsold inventory is 5.8% higher than a year ago, when there were 2.24 million existing homes available for sale. » [read more]