Across the country, the housing market has grown stronger in part due to additional investor activity, more secure personal finances and a rising demand for real estate.
According to RealtyTrac, all-cash sales reached a new high since the company began tracking that statistic. For November, they accounted for 42.0 percent of total sales, compared to only 38.8 percent in October. This charge was led by Florida - which had 62.7 percent of all sales completed with only cash - Georgia, Nevada, South Carolina and Michigan.
"The housing market recovery continued to be driven by investors and other cash purchasers in November," said Daren Blomquist, RealtyTrac's vice president. "Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction. But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes - namely California, Arizona and Nevada, with Georgia not far behind - overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market."
In addition to all-cash sales, RealtyTrac stated that institutional investor purchases accounted for 7.7 percent of all property sales in November.
Pending home sales increase
The National Association of Realtors reported a slight gain in pending home sales, which is indicative of new contract signings and future sales.
NAR's Pending Home Sales Index rose 0.2 percent from October to November, now at 101.7. However, that number is below November 2012's 103.3. Lawrence Yun, chief economist for NAR, explained that increasing mortgage rates and home prices could lead to more modest housing market growth in 2014.
The regions with the highest pending home sales gains were the South, up 2.3 percent for the month, and the West, with a 1.8 percent increase in November.
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