AgentIndustry News

Home sales hit 8-year-high, RealtyTrac says

International cash buyers and FHA loans fuel double-digit percentage spikes in sales of single-family homes and condos in some cities
  • Sales of single-family homes and condominiums in August hit an eight-year high nationally, and some cities are on pace to see their best sales numbers in a decade.
  • Out of 204 metro areas surveyed, 58 are on track to reach nine-year highs in home sales this year, and another 22 cities are poised to reach 10-year highs.
  • All-cash sales accounted for 24.5 percent of all single family home and condo sales in August, up from a seven-year low of 23.6 percent in July, but still down from 26.7 percent of all sales in August 2014.

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Sales of single-family homes and condominiums in August hit an eight-year high nationally, and some cities are on pace to see their best sales numbers in a decade, according to RealtyTrac’s August 2015 U.S. Home Sales Report. According to the report, sales of single-family homes and condos in August increased 5.4 percent from the same period last year, with nearly 1.95 million homes sold -- the highest total for the first eight months of the year that RealtyTrac has reported since 2007, when there were nearly 2.12 million sales. Certain local markets are experiencing particularly steady home sales, RealtyTrac said. Out of 204 metro areas surveyed, 58 are on track to reach nine-year highs in home sales this year, and another 22 cities are poised to reach 10-year highs. Cities posting the biggest year-over-year gains in home sales volume in August were: Salt Lake City (up 31.6 percent) Portland (up 22.2 percent) Minneapolis-St. Paul (up 19.2 percent) Jackson...