As we pointed out here on the 19th, local Redding area home sales fell off fairly substantially in June. Yesterday, an article by David Benda about June housing numbers for Shasta County for our local newspaper made much the same point. Not sure if that link is behind the paywall, so the gist of it was this:
“Higher interest rates and a growing supply of homes for sale put the brakes on Shasta County’s accelerating real estate market in June.”
I thought this was an interesting point from the article:
“Equity home sales — or properties not in some form of distressed (sale) _ made up four of every five homes sold in California in June, the California Association of Realtors reported. The trade group did not have numbers for Shasta County.”
Well, we do have those numbers at Redding Homes Blog. There were 210 home sales reported to the MLS for June. That number is slightly smaller than the entire count of 232 as reported by the article, but you can see most local home sales occur through our MLS. Of those sales reported, 158 were Equity sales (normal sales), 33 were REO (bank or government owned), and 19 were Short sales (pre-foreclosure). Here’s how the proportion looks:
So around 25% are in some form of distress. A few years ago, the number of local distress sale homes was much higher when compared to equity sales. So apparently were are gradually returning to a more traditional marketplace. We are still above the given state average of 4 out of 5 being Equity sales, at our present average of 3 out of 4.
Information is deemed to be reliable, but is not guaranteed. © 2013 MLS and FBS. Prepared by Skip Murphy on Wednesday, July 31, 2013 8:09 AM.