Takeaways:

  • 65 percent of markets analyzed achieved eight-year, first-half highs in terms of sales volume.
  • Ten major metros reached eight-year sales volume highs.
  • All-cash sales are still up in a number of markets, despite an overall decline in cash deals nationally.

A total of more than 1.3 million single-family homes and condos sold in the U.S. during the first half of 2015, the highest activity seen in any first half since 2007.

This uptick in sales volume appears to be pushing pricing, as the U.S. median home price reached a seven-year high of $189,500 in July, according to a RealtyTrac U.S. Home Sales Report.

“Housing is successfully transitioning from an investor-driven recovery to one that is drawing in traditional buyers,” said Daren Blomquist, vice president at RealtyTrac.

Of those markets, 26 reached a 10-year high for first-half activity.

Four markets reached an all-time high for sales volume in the first half of the year:

  • The Villages, Florida
  • Lincoln, Nebraska
  • Pittsburgh
  • Denver

Ten major metros saw eight-year highs in first-half sales activity. The Los Angeles metro topped the list in terms of total sales with 46,590. Phoenix and Chicago followed, accounting for 45,555 sales and 43,099 closings, respectively. Dallas saw 34,392 transactions close during the first half.

image006

Houston, Denver, Detroit, Seattle, Tampa and Southern California’s Inland Empire also accounted for 25,126 sales to 26,643 first-half sales.

At $189,500, the U.S. median sales price increased 2 percent from a year ago.

Out of 161 markets analyzed, 10 metros reached new home price peaks in July:

  • Denver
  • San Jose
  • Columbus, Ohio
  • Nashville
  • Raleigh, North Carolina
  • Omaha, Nebraska
  • Colorado Springs, Colorado
  • Madison, Wisconsin
  • Boulder, Colorado
  • Burlington, Vermont

The median sales price amongst these metros varies widely. In Columbus, Ohio, homes sold for a median price of $155,000, while in San Jose this figure stood at $822,000.

RealtyTrac also reported that all-cash buyers accounted for 22.6 percent of all single-family and condo sales in July, to the lowest percentage of cash sales since July 2008.

Cash sales remain most prominent in Florida, accounting for roughly 50 percent of all transactions in nine metros.

Major metros with a high percentage of cash sales in July included:

  • New York City (43.2 percent)
  • Orlando (37.6 percent)
  • Tampa (35.3 percent)
  • Las Vegas (32.6 percent)
  • Rochester, New York (32.6 percent)
  • Detroit (31.9 percent)

Counter to the national trend, the share of cash sales increased from a year ago in New York, Los Angeles, Philadelphia, Baltimore, Denver and San Jose.

The dependence on cash buyers in some markets is one crack in the foundation of the housing recovery, according to Blomquist.

Finally, properties sold while in the foreclosure process accounted for 6.4 percent of all single-family sales in July — the lowest share since January 2000.

Email Erik Pisor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription