U.S. foreclosure sales prices gain 6 percent

The average sales price of bank-owned homes or homes in the process of foreclosure in the second quarter rose 6 percent quarter-over-quarter and 7 percent from the second quarter of 2011, according to a report released today by RealtyTrac. The average price comes in at $170,040 and marks the first year-over-year increase in average price since the second quarter of 2010, as well as the biggest year-over-year increase since the fourth quarter of 2006.

“There is a limited supply of available foreclosure inventory to choose from in many markets,” Daren Blomquist, the vice president of RealtyTrac, said in the release. “Given this shortage of supply and the seasonally strong buyer demand in the second quarter, it’s no surprise that the average foreclosure-related sales price increased on both a quarterly and annual basis.”

The amount of foreclosure-related sales dropped in the second quarter to a total of 224,429 — a 12 percent decrease quarter-over-quarter and a 22 percent fall from the second quarter of last year.

Homes in the process of foreclosure or ones that were already bank-owned sold at an average price 32 percent lower than a home not in foreclosure, the study found. This figure is up from a 30 percent discount quarter-over-quarter, as well as a 30 percent discount from the second quarter of 2011.

Pre-foreclosure homes — homes in default or homes scheduled for an auction that are often sold through short sales — traded for an average price of $185,062 in the second quarter. This price shows a 5 percent increase quarter-over-quarter and a 1 percent decline from the same period last year.

In total, sales of homes in some stage of foreclosure marked 23 percent of all residential sales across the nation in the second quarter — up slightly from the first quarter’s 22 percent and up from the 19 percent at the same period last year. — Zachary Kussin

National home sales rise for 12th straight month: RE/MAX report

Home sales in the United States have risen for 12 consecutive months on a year-to-year basis, according to the June RE/MAX National Housing Report. Prices have also inched higher for the last five months in a row, according to the report, which covered 53 metropolitan areas. Transaction volume rose 5 percent in the same period, while sales prices jumped 3.7 percent nationally. Available homes for sale also fell 5 percent from May and 27.4 percent from June 2011, creating what the firm called a “seller’s market” in many areas. “Although the housing market has a long way to go to make a full recovery, all signs now show that it’s on the right path and has improved every month so far this year,” RE/MAX CEO Margaret Kelly said. “This selling season is the best in years.” — Alexander Britell

South Florida residential inventory

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. — Christopher Cameron

Contracts for future construction rise 46 percent in Miami: report

The total dollar value of contracts for future construction in the Miami metro area has risen 46 percent for the year to date, according to a report from McGraw-Hill Construction. There is a total of $2.82 billion in contracts for future construction since the beginning of the year, up from $1.94 billion at the same time last year. Residential contracts have risen by 62 percent in the period, while nonresidential contracts have increased by 32 percent. — Alexander Britell

Miami, Miami Beach tops for foreign buyers

Miami and Miami Beach account for 31.3 percent of purchases by foreign buyers in Florida, according to data from Florida Realtors. Foreigners have paid a total of $10.71 billion this year for Florida residential properties, according to the report, approximately 19 percent of all home sales in the state so far. Continuing a trend, foreign buyers like to pay for their homes in cash — with nearly 82 percent of international sales made without financing. [Miami Herald] — Alexander Britell

New high-rise rental coming to Coral Gables

Coral Gables is set to see a new high-rise, following approval from the Coral Gables City Commission on Tuesday, the Miami Herald reported.  Miami-based Astor Development Holdings wants to build a mixed-use, 180-unit rental, dubbed the Merrick Manor, on a disused trolley yard on LeJeune Road and Altara Avenue by next year. Plans call for apartment sizes ranging between 790 and 1,200 square feet, 11,740 square feet of retail and 5,946 square feet of office space. “I think we’ll all be happy with the project,” said Mario Garcia-Serra of Greenberg Traurig, who is representing the developers. [Miami Herald] – Christopher Cameron

Miami home prices rise 4.4 percent, according to S&P/Case-Shiller report

Home prices rose 4.4 percent in the Miami metropolitan area in the second quarter compared to the same period in 2011, according to a new report from Standard & Poor’s Case-Shiller. That was the third-highest price increase of any metro area in the country in the second quarter. Phoenix led the country with a 13.9-percent increase. Nationally, home prices rose 1.2 percent. “Home prices gained in the second quarter,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “We seem to be witnessing exactly what we needed for a sustained recovery: monthly increases coupled with improving annual rates of change.” — Alexander Britell