All-Cash Sales Reach New High In November

All-cash purchases accounted for 42 percent of all residential property sales in November, up from 38.8 percent in October and also up from a year ago to the highest level since RealtyTrac began tracking all-cash purchases in January 2011, the company reported.

States with the highest percentage of cash sales last month included Florida (62.7 percent), Georgia (51.3 percent), Nevada (51 percent), South Carolina (50.3 percent), and Michigan (49 percent).

According to RealtyTrac, the national median sales price of all residential properties—including both distressed and non-distressed sales—was $169,000 in November, up 1 percent from October and up 7 percent from November 2012. It was the 19th consecutive month median home prices have increased on an annualized basis.

The median price of a distressed residential property—in foreclosure or bank owned—was $110,500, 39 percent below the median price of $181,500 for purely non-distressed residential properties.

By RealtyTrac’s assessment, institutional investor purchases represented 7.7 percent of all residential property sales last month, up from 7.1 percent in October and 6.3 percent in November 2012. Markets with the highest share of institutional investor purchases included Columbus, Ohio; Phoenix; Atlanta; Jacksonville, Florida; and Cape Coral-Fort Myers, Florida.

Sales to third-party investors at foreclosure auction represented 1.3 percent of all residential property sales in

November, according to RealtyTrac. That share is up from 0.8 percent of sales in both the previous month and a year earlier, and it is the largest percentage of third-party foreclosure auction sales since RealtyTrac began tracking this market element in January 2011. The highest shares of third-party foreclosure auction sales last month were found in Miami (4 percent); Atlanta (3.9 percent); Jacksonville, Florida (3.9 percent); Orlando (3.6 percent); and Las Vegas (3.6 percent).

RealtyTrac reports short sales represented 5.6 percent of all residential property sales in November, up from 5.4 percent the previous month but down from 6.5 percent in November 2012. States with the highest percentage of short sales included Nevada (16.6 percent), Florida (14.2 percent), Illinois (8.8 percent), Maryland (8.6 percent), and New Jersey (7.1 percent).

Sales of bank-owned homes, or REO, accounted for 10 percent of all residential property sales last month, up from 9.1 percent in October and 9.4 percent a year earlier. November marked the third consecutive month in which REO sales increased from the previous month. Metros where REO sales accounted for at least 20 percent of all sales and increased from a year earlier included Stockton, California; Las Vegas; Cleveland; Riverside-San Bernardino, California; and Phoenix.

According to RealtyTrac’s report, U.S. residential properties overall—including single-family homes, condominiums, and townhomes, distressed and non-distressed—sold at an estimated annual pace of 5,146,565 in November. That figure represents an increase of less than 1 percent from October’s revised pace of 5,128,034 but is up 10 percent from November 2012.

Annualized sales volumes declined from a year ago in four states: California (down 14 percent), Arizona (down 12 percent), Nevada (down 9 percent), and Rhode Island (down 4 percent).

RealtyTrac recorded yearly declines in annualized sales volumes in 14 of the nation’s 50 largest metros, including seven California metros, two metros in both Arizona and New York, as well as Las Vegas; New Haven, Connecticut; and Portland, Oregon.

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