IRVINE, CA—RealtyTrac has released its August 2015 U.S. Home Sales Report, which shows single family home and condo sales through August were on pace for an eight-year high nationwide and in 110 out of 204 (54%) metropolitan statistical areas with sufficient sales data.

A total of 1,947,028 US single family homes and condos sold through August in 2015, up 5.4% from the same time period a year ago to the highest total for the first eight months of the year since 2007, when there were 2,069,963 sales. The 110 metro areas on pace for at least an eight-year high in home sales through August included Los Angeles, Phoenix, Dallas, Denver, Riverside-San Bernardino in Southern California, Detroit, Seattle, Tampa, Minneapolis and Portland.

Out of the 204 local markets, 58 (28%) were on pace through August to reach nine-year highs in home sales in 2015, and 22 (11%) were on pace through August to reach 10-year highs, including Denver, San Diego, the Florida markets of Sarasota, Naples, and Palm Bay, along with Grand Rapids, MI and Reno, NV.

“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. “The share of cash sales nationwide in August bounced back from a seven-year low in July, and the month-over-month increase in cash sales share was more pronounced in markets that have traditionally been magnets for foreign cash buyers, including Boston, Las Vegas, San Francisco, Seattle and New York.”

“We are seeing more globalization as Southern California has become a destination for international buyers,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. “Eighty percent of new construction in Irvine last year was sold to Chinese buyers. International buyers are driving home prices up and sometimes out of reach for many local residents.”

All-cash sales accounted for 24.5% of all single family home and condo sales in August, up from a seven-year low of 23.6% in July but still down from 26.7% of all sales in August 2014 and down from a peak of 39.6% of all sales in February 2013.

Among metropolitan statistical areas with a population of at least 1 million, those with the highest share of cash sales were Miami (48.7%), New York (44.7%), Las Vegas (42.2%), Raleigh, NC (39.6%), and Tampa (37.6%).

The share of buyers using Federal Housing Administration (FHA) loans—typically loan down payment loans with an average down payment of about 3%—continued to increase in August, when 23.1% of all single family and condo sales were to FHA borrowers, up from 23% in July and up from 17.8% in August 2014.

“It wasn't just cash buyers that kept home sales volume strong in August,” Blomquist noted. “The share of buyers using FHA loans in August increased 30% from a year ago, and the year-over-year increase in the share of FHA buyers was 50% or more in markets such as Nashville, Phoenix, Colorado Springs, Portland and San Diego. Those markets with a solid and fast-growing share of FHA buyers are poised for longer, more sustainable growth going forward than markets that are more dependent on capricious cash buyers.”

Among markets with at least 10,000 single family home and condo sales in the first eight months of 2015, those with the biggest year-over-year increases were Salt Lake City (up 31.6%), Portland (up 22.2%), Minneapolis-St. Paul (up 19.2%), Jacksonville, FL (up 16.6%), and Seattle (up 16.2%).

Other major markets with a year-over-year increase in year-to-date sales included Nashville (up 16.1%), Charlotte (up 15.9%), San Antonio (up 15.9%), San Diego (up 12.7%), and Tampa (up 11.5%).

The biggest year-over-year decreases among markets with at least 10,000 sales through August were in Cleveland (down 13.8%), Baltimore (down 12.1%), Cincinnati (down 11.8%), Chicago (down 10.4%) and New York (down 10.1%).

Distressed sales, including sales of homes in the foreclosure process and sales of bank-owned homes, accounted for 8.9% of all single family home and condos in August, down from 9.3% in July and down from 12.2% a year ago to the lowest level going back as far as RealtyTrac has distressed sales data, January 2000.

Among markets with a population of at least 1 million, those with the highest share of distressed sales were Chicago (16.4%), Milwaukee (16.1%), Tampa (15.4%), Orlando (15.4%), and Jacksonville, (15.4%).

Major markets with the biggest year-over-year increase in share of distressed sales were Boston (up 75%), Milwaukee (up 27%), Rochester, NY (up 22%), New Orleans (up 16%), and Hartford, CT (up 13%).

The RealtyTrac U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to cash buyers by state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous months are revised when each new report is issued as more deed data becomes available.

Instant Insights /

RealtyTrac: 54% of Major Markets Reach 8-Year High Volume

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