Residential short sales across the country are on the rise as all-cash and institutional investor purchases shrank in June on a year-over-year basis.
As for the region, South Florida’s overall metro area dovetailed with the national trend, recording a year-over-year increase of 7 percent on sales counts. The area had 165,085 transactions in June 2013 compared to 154,916 in June of last year, according to RealtyTrac.
For all cash and institutional purchases, the combined metro area of Miami-Dade, Broward and Palm Beach is bucking the national trend, recording higher activity than the rest of the country.
Institutional investors as a percentage of overall sales rose to 11 percent, a percentage point increase of 2 on the same time last year.
The Business Journal reported in April on one real estate investment company activity, with Blackstone Group snapping up homes in South Florida at a rapid pace – 844 properties since October.
Cash deals as a percentage of sales rose to 64 percent in June, a percentage point increase of 1 on a year-over-year basis.
Short sales as a percentage of sales jumped dramatically to 32 percent from 11 percent, according to RealtyTrac.
And lastly, banked owned property transactions as a percentage of sales climbed to 11 percent in June, a percentage point increase of 2 on last year.
The region has a population of 5.5 million, with 2.5 million housing units.
South Florida’s metro area also recorded a year-over-year increase on its median price of 18 percentage points for all sales, which rose to $149,900 from $126,800.
The median list price in June also grew a healthy 20 percentage points on a year-over-year basis, climbing to $179,900 from $149,900, according to RealtyTrac.