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Lawler on Existing Home Sales, Table of Distressed Sales for Selected Cities in February

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From housing economist Tom Lawler: NAR: Home Sales “Fizzled” in February: Northeast Estimate “Looks Low”

In a report released this morning, the National Association of Realtors estimated that US existing home sales ran at a seasonally adjusted annual rate of 5.08 million in February, down 7.1% from January’s pace and up 2.2% from last February’s pace. The NAR’s estimate for unadjusted home sales last month was 6.4% higher than a year earlier. The NAR’s estimate for home sales was slightly lower my below-consensus projection based on regional tracking. In looking at the NAR’s regional estimates, the YOY increases in sales seem “reasonable” in all areas save for the Northeast, where local realtor/MLS reports suggest a significantly higher YOY gain than that shown by the NAR. I would expect the NAR to revise upward home sales for the Northeast in next month’s report, though the pace of national home sales would still be well below the “consensus” projection.

CR Note: Tom Lawler also sent me the table below of short sales, foreclosures and all cash sales for a several selected cities in February.

On distressed: Total “distressed” share is down in all of these markets.

The All Cash Share (last two columns) is mostly declining year-over-year. As investors pull back, the share of all cash buyers will probably continue to decline.


  Short Sales Share Foreclosure Sales Share Total “Distressed” Share All Cash Share
Feb-
2015
Feb-
2014
Feb-
2015
Feb-
2014
Feb-
2015
Feb-
2014
Feb-
2015
Feb-
2014
Las Vegas 6.6% 9.7% 8.6% 9.7% 15.2% 19.4% 31.4% 37.4%
Reno** 4.0% 7.0% 4.0% 7.0% 8.0% 14.0%    
Phoenix             29.0% 29.9%
Sacramento 4.5% 6.3% 5.2% 8.6% 9.7% 14.9% 22.9% 19.8%
Minneapolis 3.2% 2.8% 13.0% 15.6% 16.2% 18.4%    
Mid-Atlantic 4.5% 5.3% 15.8% 15.1% 20.3% 20.4% 22.3% 21.2%
Bay Area CA* 2.7% 3.5% 3.0% 3.8% 5.7% 7.3% 24.8% 25.6%
Riverside 2.5% 2.9% 4.1% 6.0% 6.6% 8.9% 19.3% 21.4%
San Bernardino 2.9% 3.1% 4.8% 6.8% 7.7% 9.9% 23.7% 26.1%
So. California* 3.2% 4.3% 4.5% 5.7% 7.7% 10.0% 25.1% 26.8%
Bay Area CA* 2.7% 3.5% 3.0% 3.8% 5.7% 7.3% 24.8% 25.6%
Florida SF 3.3% 5.0% 14.3% 24.1% 17.7% 29.1% 36.6% 42.3%
Florida C/TH 1.9% 2.9% 11.2% 19.0% 13.1% 21.8% 63.4% 69.4%
Chicago (city)         22.9% 29.9%    
Florida SF 3.3% 5.0% 14.3% 24.1% 17.7% 29.1% 36.6% 42.3%
Florida C/TH 1.9% 2.9% 11.2% 19.0% 13.1% 21.8% 63.4% 69.4%
Northeast Florida         26.3% 37.5%    
Chicago (city)         22.9% 29.9%    
Toledo             38.7% 38.9%
Knoxville             24.3% 23.9%
Tucson             30.1% 33.7%
Georgia***             23.7% 27.1%
Omaha             21.3% 19.6%
Pensacola             31.3% 36.7%
Rhode Island         14.5% 21.4%    
Richmond VA     15.4% 13.9%        
Memphis     16.8% 17.6%        
Springfield IL**     16.5% 14.6%        
*share of existing home sales, based on property records
**Single Family Only
***GAMLS


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