ATTOM Data Solutions released its June and Q2 2016 U.S. Home Sales Report, showing single-family homes and condos sold for a median price of $231,000 in June 2016, up 6 percent from the previous month and up 9 percent from a year ago to an all-time high — 1 percent above the previous peak of $228,000 in July 2005.
June was the 52nd consecutive month where median home prices increased year-over-year. ATTOM Data Solutions is the new parent company of RealtyTrac.
Out of 130 metropolitan statistical areas analyzed for the report, 30 percent reached all-time home price peaks in June, including Dallas ($240,156), Atlanta ($192,000), Seattle ($385,000), Minneapolis ($235,950) and St. Louis ($190,209). Since the nation’s home prices bottomed out in 2012, 48 percent of the 130 markets analyzed have reached all-time home price peaks.
“The all-time home price highs nationwide an in many local markets are being enabled by historically low mortgage rates — which are falling once again this year,” ATTOM Data Solutions Senior Vice President Daren Blomquist said in a press release. “It is likely that some of the most interest rate sensitive local markets will see home price appreciation knocked down when the low rate rug is finally pulled out from under the housing recovery. We are seeing signs of weakening appreciation in many bellwether markets already in spite of the rock-bottom rates.”
Metro areas with the biggest year-over-year increase in median home price in June were Salisbury, Md. (up 22 percent); Pensacola, Fla. (up 21 percent); Tampa, Fla. (up 20 percent); St. Louis (up 19 percent); Boulder, Colo. (up 19 percent); and Flint, Mich. (up 18 percent).
There were 16 metro areas where median home prices declined from a year ago in June, including Bridgeport, Conn. (down 6 percent); Allentown, Pa. (down 4 percent); Columbus, Ohio (down 3 percent); Houston (down 2 percent); and Milwaukee (down 1 percent).
Home sellers in June 2016 sold for an average of $41,000 more than they purchased for, a 22 percent gain in price on average — the highest average price gain for home sellers since September 2007.
Metro areas with the highest average price gains for home sellers in June were San Francisco (72 percent); San Jose, Calif. (66 percent); Fort Collins, Colo. (59 percent); Salinas, Calif. (53 percent); and Santa Rosa, Calif. (52 percent).
Annual home price appreciation in June 2016 slowed compared with a year ago in 54 percent of 349 counties analyzed for the report.
Counties with decelerating appreciation in June 2016 compared with a year ago included Los Angeles County, Calif.; Harris County (Houston), Texas; Maricopa County (Phoenix), Ariz.; San Diego County, Calif.; Orange County, Calif.; Miami-Dade County, Fla;. Dallas County, Texas; and Queens County, N.Y.
Counties with accelerating appreciation in June 2016 compared with a year ago included Kings County (Brooklyn), New York; Riverside County, Calif.; King County (Seattle), Wash.; Sacramento County, Calif.; Hillsborough County (Tampa), Fla.; Hennepin County (Minneapolis), Minn.; and Travis County (Austin), Texas.
Distressed sales, including bank-owned sales, in-foreclosure sales, and short sales, accounted for 14.8 percent of all single-family home and condo sales in Q2, down from 18.6 percent in the first quarter and 16.7 percent a year ago to the lowest level since Q3 2007.
Cash buyers accounted for 27.5 percent of all single-family home and condo sales in Q2 2016, down from 32.3 percent in the previous quarter and 30.4 percent a year ago to the lowest level since Q4 2007.
FHA buyers accounted for 16.1 percent of all single-family home and condo sales in Q2, up from 15.1 percent in the previous quarter but down from 16.4 percent a year ago.