Summary of July 2014 Existing Home Sales Report

 

  • Single family home sales were up 2.4% from June 2014, and down 4.3% from July 2013;
  • Existing home inventory was up 3.5% from June 2014 to 2.37 million homes;
  • Distressed sales (foreclosures and short sales) comprised 9% of all existing home sales. 6% were foreclosures, 3% were short sales. The overall distressed sales figure for July 2014 is down 15% from July 2013. This month marks the first time distressed sales comprised less than 10% of existing home sales since the housing crisis.
  • Average distressed property discounts: foreclosures sold at a 20% discount while short sales sold at a 14% discount.
  • Investor Activity: Individual investors comprised 16% of existing home sales in July 2014. 69% of investors paid cash. Short sales average time on the market is 93 days, foreclosures on average stay on the market 58 days, and non-distressed properties remain on the market for an average of 45 days.