CASH PURCHASES JUMP TO 40 PERCENT OF ALL SALES IN JULY

RealtyTrac recently released its July 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties sold at an estimated annualized pace of 5.5 million in July 2013, up 4 percent from the previous month and up 11 percent from a year ago — the biggest annual increase in sales volume so far this year.

While sales volume continued to increase nationwide, eight states posted annual decreases in total sales, including California (down 17 percent), Arizona (down 11 percent), Nevada (down 7 percent), and Georgia (down 2 percent). Those four states also posted the four biggest annual increases in median home prices in July: California (up 31 percent); Nevada (up 27 percent); Arizona (up 21 percent); and Georgia (up 20 percent).

All-cash purchases nationwide accounted for 40 percent of all sales of residential property in July, up from 35 percent of all sales in June and up from 31 percent of all sales in July 2012. Among the nation’s 20 largest metro areas, those with the biggest month-over-month jumps in cash sales share were Dallas (up 82 percent), St. Louis (up 66 percent), Los Angeles (up 32 percent), Riverside-San Bernardino in Southern California (up 26 percent), Seattle (up 21 percent), and Phoenix (up 21 percent).