Mike Orr, who is Arizona State University’s Director of Real Estate Theory & Practice at W.P. Carey School of Business, recently released his monthly report and there are some interesting & positive trends from his report. Here are some highlights that we thought were worth noting:
- The median sales price of single family homes is up 33.7% from $112,500 to $150,000 comparing August 2011 to August 2012
- The average price per square foot on single family homes is up 24.6% from $77.53 to $96.02 comparing August 2011 to August 2012
- Overall supply(excluding homes already under contract) was down 28% comparing September 2012 with September 2011 but distressed supply was down 63%
- Foreclosure starts were down 38% from August 2011 to August 2012
- Sales of single family homes were 8.3% lower than in August 2011, but new homes were up 55% & normal home re-sales were up 81% – what drove that overall number down is that bank owned home sales are down 78%, GSE(Fannie Mae, Freddie Mac, etc.) owned home sales are down 76%, HUD sales are down 44% & third-party trustee sales are down 24%
We are feeling very bullish given Mike’s positive report on the overall market and we expect to see these numbers improve as the economy continues to strengthen and we see further reductions in foreclosures & REO properties.
To view Mike’s full report, please click here.
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