Want the news summarized?
Subscribe to The Morning Report.

Home sales rose 20 percent in June compared to the previous year, according to new numbers released today by MDA DataQuick, marking the 12th straight month of year-over-year increases for sales.

The 2,299 resale houses that sold last month marked a 24.4 percent year-over-year increase.

Resale condo sales were up 16 percent to 1,101 last month.

And new home sales scooted up 3.5 percent, with 292 sold last month.

All homes sold in the county totaled 3,692 in June.

Here’s an interesting stat:

Just 38.6 percent of the homes that sold last month in the county were foreclosures — homes that had been repossessed in the previous year. That was the lowest ratio of foreclosures-to-not-foreclosures since May 2008, with 37.4 percent. For several months earlier this year, more than half of the sales each month were foreclosures. January was the peak with 55 percent foreclosures.

I e-mailed DataQuick analyst Andrew LePage to ask why he thinks the foreclosure ratio dropped last month.

Here’s what he said:

Those are homes closing escrow, meaning most of the sales occurred over the past month and a half; foreclosures had been drying up somewhat earlier this year, given the moratoriums, new law, lender backlogs, etc. There were just fewer foreclosures to be sold out there. Doesn’t mean we couldn’t see that number go back up in the future.

KELLY BENNETT

Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.