Real Property Report Cliff Notes | California June 2014
California Real Estate Stats
"June marks the sixth consecutive month that sales have been lower on a year-over-year basis," said Madeline Schnapp, Director of Economic Research for PropertyRadar. "The lack of distressed property inventory and rapid increase in median prices has definitely taken a toll on demand."
In other California housing news*:
- Cash sales remained elevated in June, accounting for 22.2 percent of total sales. Despite the historically high levels of cash sales, cash sales have been steadily declining, falling 31.6 percent, since reaching an interim peak in May 2013.
- Flip sales fell 6.6% for the month and were down 30.0 percent for the year and are down 40.4 percent from the October 2012 peak. Negative equity remains elevated in California and continues to impart negative headwinds to the real estate market.
- In June, nearly 1.1 million California homeowners, or 12.9 percent remain underwater.
- Institutional Investor LLC and LP purchases fell 8.7% for the month and are down 31.8 percent from June 2013. Institutional investor demand continues to wane in the face of higher prices and lower return on investments. Institutional Purchases have posted consistent monthly declines and are down 48.0 percent from their December 2012 peak.
- Foreclosure starts, or Notices of Default (NODs), fell 2.0% between May and June, extending a longer-term downward trend. Foreclosure sales fell 5.2 percent for the month and are down 12.6 percent for the year. The June decline decelerated compared to May.
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