The share of properties sold during the foreclosure process continued to drop in July as the housing market continued on strong footing, according to the monthly U.S. Home Sales Report released Thursday.
The share of in-foreclosure sales dipped to 6.4% of all single-family and condo sales,
Similarly, all-cash offers represented 22.6% of all sales, down from 23.7% a month prior and itself a seven-year low. The metropolitan areas with the highest share of cash sales were all located in Florida in July, including Miami, Sarasota and Port St. Lucie.
Overall, RealtyTrac counted more than 1.3 million single-family homes and condos sold during the first half of 2015, the highest number for this period since 2007. Out of 161 housing markets nationwide, 10 reached new peaks for home prices, including Denver and Columbus, Ohio.
"While the stock market may be on a roller coaster as of late, the housing market is still on solid ground, with the eight-year low in cash sales combined with the eight-year high in overall sales volume in the first half of the year evidence that housing is successfully transitioning from an investor-driven recovery to one that is drawing in traditional buyers as a good foundation for sustainable growth going forward," said Daren Blomquist, vice president at RealtyTrac.
