RealtyTrac: Single-family home sales reach highest level since 2006
FHA buyer share climbs to two-year high; Cash buyers dwindle
Adding another layer of confirmation onto the prevailing thought that 2015 is a healthy year for housing, single-family and condo sales reached the highest level since 2006, according to a new report from RealtyTrac.
RealtyTrac’s June and Midyear 2015 U.S. Home Sales Report showed that there were 914,291 single-family and condo sales through April 2015, which is the most recent month with complete sales data available.
Those figures mark the highest level through the first four months of a year since 2006.
The number of single family homes and condos sold in the first four months of 2015 were at the highest level in the first four months of any year since 2006 in 43 out of 264 (16%) metropolitan statistical areas with sufficient home sales data. Markets at nine-year highs included Tampa, Denver, Columbus, Ohio, Jacksonville, Florida, and San Antonio.
There were 23 markets where sales volume in the first four months of 2015 was at 10-year highs, including Denver; Columbus, Ohio; San Antonio; Tucson, Arizona; and Palm Bay-Melbourne-Titusville, Florida.
Among major metro areas with a population of 1 million or more, 22 out of 51 markets (43%) were at eight-year highs for single family home and condo sales in the first four months of the 2015, including New York, Dallas, Houston, Seattle and Portland.
Additionally, RealtyTrac’s report showed that distressed sales, cash sales and institutional investor sales in June were all down from a year ago to multi-year lows.
The report also showed that sales to first-time homebuyers and other buyers using Federal Housing Administration loans increased compared to a year ago in June and reached a two-year high in the second quarter.
Buyers using FHA loans accounted for 23% of all single-family home and condo sales with financing — excluding all-cash sales — in the second quarter of 2015, up from 20% in the first quarter and up from 19% in the second quarter of 2014 to the highest share since the first quarter of 2013.
Nationwide, buyers using FHA loans accounted for 22% of all financed sales in the first half of 2015, up from 19% of all sales in 2014 and up from 20% of all sales in 2013.
Among markets with a population of 1 million or more, those with the highest share of buyers using FHA loans in the first six months of 2015 were Riverside-San Bernardino-Ontario in inland Southern California (35%); Las Vegas (32%); Oklahoma City (31%); Salt Lake City (30%); and Phoenix (29%).
Major markets with the lowest share of buyers using FHA loans in the first six months of 2015 were San Jose, California (7%); Hartford, Connecticut (10%); San Francisco (12%); Boston (12%); and Milwaukee (13%).