As foreclosures fall in many counties across the country through the end of April, home sales and prices are rising, according to DataQuick’s latest Property Intelligence Report.
The PIR determined that foreclosures decreased in 25 of the 42 reported counties from March to April. Meanwhile, 29 of the counties had fewer foreclosures on a yearly basis with the cities of Phoenix, Las Vegas, Riverside, Los Angeles, Fort Lauderdale and Houston experiencing the largest declines during this time period.
In April, home sales increased month-over-month in 21 counties
Some notable cities that experienced the greatest uptick in year-over-year home sales was Chicago, Charlotte, Detroit, Seattle, West Palm Beach, Atlanta and Tampa.
Additionally, the report revealed that home price growth was positive in April compared to the prior month in 28 of the counties and in 30 of the reported counties over the last year.
“The increase of sales in April is a sign of improvement. However, the continued strength and growth is questionable given impeding factors that prevent investors, sellers and buyers from actively participating in the market,” said Gordon Crawford, vice president of analytics for DataQuick. “Job security, tax increases and uncertainty surrounding domestic fiscal issues, continue to hinder growth and will contribute to eventual reductions in the demand for housing.”
“The low levels as to which sales are increasing reflect tight supplies on the market, multiple offers for listed houses and homes selling at prices that are in excess of the asking price,” Crawford continued. “Potential sellers aren’t entering the market as prices rise, because of their uncertainty and/or negative equity.”
DataQuick’s PIR leverages its national property database and analytics expertise to assess 42 of the largest counties in the U.S. using valuation trends, REO inventory trends and sales trends metrics. The counties DataQuick tracks are in located in 21 states.
