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U.S. Foreclosure Activity Shows Continued Rise In Third Quarter, Approaching Levels Seen Before Pandemic

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Highest Foreclosure Rates in New Jersey, South Carolina, and Delaware; Average Time to Foreclose Nationwide Hit Pre-Pandemic Levels

Irvine, CA – Oct. 12, 2023 (PRNewswire) ATTOM, a leading curator of land, property, and real estate data, released its Q3 2023 U.S. Foreclosure Market Report, which shows there were a total of 124,539 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 28 percent from the previous quarter and 34 percent from a year ago.

The report also shows there were a total of 37,679 U.S. properties with foreclosure filings in September 2023, up 11 percent from the previous month and up 18 percent from September 2022.

Foreclosure starts tick upwards from last year
Lenders started the foreclosure process on 68,961 U.S. properties in Q3 2023, down 1 percent from the previous quarter but up 3 percent from a year ago — nearly reaching pre-pandemic levels.

U.S. Foreclosure Starts

States that had 1,000 or more foreclosure starts in Q3 2023 and saw the greatest annual increases were North Carolina (up 53 percent); Louisiana (up 47 percent); Pennsylvania (up 24 percent); Alabama (up 18 percent); and Nevada (up 16 percent).

“Foreclosures are on the rise again this quarter, as indicated by our latest foreclosure numbers,” said Rob Barber, CEO at ATTOM. ” The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year and actually dipped a bit quarterly – signs that the upward pattern may be easing. But foreclosure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related moratorium on most foreclosure filings. This rise in foreclosures might also be attributed to pending filings finally processing. Even with the national economic upturn and job stability, it’s evident that some homeowners are still grappling with the pandemic’s financial aftermath or encountering new challenges.”

Among the 223 metropolitan statistical areas analyzed in the report those that posted the greatest number of foreclosure starts in Q3 2023, included New York, New York (4,514 foreclosure starts); Chicago, Illinois (2,584 foreclosure starts); Houston, Texas (2,279 foreclosure starts); Los Angeles, California (2,273 foreclosure starts); and Philadelphia, Pennsylvania (2,104 foreclosure starts).

Counter to the national trend of annual increases, among those metropolitan areas with a population greater than one million that saw a decline in foreclosure starts in Q3 2023 were Salt Lake City, Utah (down 74 percent); Chicago, Illinois (down 35 percent); Kansas City, Missouri (down 34 percent); Columbus, Ohio (down 22 percent); and Milwaukee, Wisconsin (down 21 percent).

Highest foreclosure rates in New Jersey, South Carolina, and Delaware
Nationwide one in every 1,121 properties had a foreclosure filing in Q3 2023. States with the highest foreclosure rates in Q3 2023 were New Jersey (one in every 595 housing units with a foreclosure filing); South Carolina (one in every 730); Delaware (one in every 739); Nevada (one in every 763); and Maryland (one in every 780).

Among 223 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2023 were Houston, Texas (one in every 371 housing units with a foreclosure filing); Atlantic City, New Jersey (one in every 453); Cleveland, Ohio (one in every 459); Bakersfield, California (one in every 465); and Columbia, South Carolina (one in every 503).

Bank repossessions increase nationwide
Lenders repossessed 11,020 U.S. properties through foreclosure (REO) in Q3 2023, up 9 percent from the previous quarter and up 5 percent from a year ago.

U.S. Completed Foreclosures (REOs)

States that posted the largest number of completed foreclosures in Q3 2023, included California (1,277 REOs); Illinois (1,057 REOs); Pennsylvania (743 REOs); New York (673 REOs); and Ohio (635 REOs).

Average time to foreclose decreases 12 percent annually
Properties foreclosed in Q3 2023 had been in the foreclosure process an average of 778 days, down 36 percent from 1,212 days in the previous quarter and down 12 percent from 885 days in Q3 2022, to the lowest level since Q2 2020.

Average Days to Complete Foreclosure

States with the longest average foreclosure timelines for homes foreclosed in Q3 2023 were Louisiana (3,045 days); Hawaii (2,498 days); New York (1,941 days); Nevada (1,690 days); and New Jersey (1,621 days).

States with the shortest average foreclosure timelines for homes foreclosed in Q3 2023 were Texas (160 days); Montana (169 days); Wyoming (177 days); Missouri (211 days); and Michigan (213 days).

September 2023 Foreclosure Activity High-Level Takeaways

  • Nationwide in September 2023 one in every 3,706 properties had a foreclosure filing.
  • States with the highest foreclosure rates in September 2023 were Nevada (one in every 2,163 housing units with a foreclosure filing); Maryland (one in every 2,253 housing units); South Carolina (one in every 2,260 housing units); Delaware (one in every 2,380 housing units); and New Jersey (one in every 2,531 housing units).
  • 25,042 U.S. properties started the foreclosure process in September 2023, up 9 percent from the previous month and up 15 percent from a year ago.
  • Lenders completed the foreclosure process on 4,334 U.S. properties in September 2023, up 29 percent from the previous month and up 24 percent from a year ago.

U.S. Foreclosure Market Data by State – Q3 2023

Rate RankState NameTotal Properties with Filings1/every X HU (Foreclosure Rate)%∆ Q2 2023%∆ Q3 2022
U.S.124,5391,12127.5934.44
24Alabama1,5561,46420.3422.42
22Alaska2241,41031.7635.76
26Arizona2,0071,52341.2456.67
31Arkansas6941,962-0.1450.54
13California14,2301,00744.9231.15
34Colorado1,1922,05912.671.71
9Connecticut1,82683632.3251.54
3Delaware60273924.1210.66
District of Columbia3321,0373.43472.41
8Florida11,8108279.3927.21
14Georgia4,0141,09022.3432.87
21Hawaii4011,38947.4367.78
37Idaho3322,23524.3484.44
6Illinois6,763800-3.55-13.53
12Indiana2,9041,00314.3314.65
20Iowa1,0221,3771.498.49
46Kansas3563,57417.88-12.10
41Kentucky8012,48254.3479.19
19Louisiana1,5801,30828.2545.62
32Maine3741,9731.36-3.61
5Maryland3,226780-7.5653.40
27Massachusetts1,8751,58958.5040.24
23Michigan3,2101,4237.29-9.50
30Minnesota1,3021,8974.6616.56
40Mississippi5542,37811.699.27
33Missouri1,3951,99421.9423.23
48Montana1313,91320.1827.18
42Nebraska3342,517-5.3817.19
4Nevada1,66576342.9234.17
36New Hampshire2852,23336.3626.11
1New Jersey6,27959530.3842.67
25New Mexico6181,51710.7552.97
11New York9,03693550.4752.48
17North Carolina3,7731,23924.3642.59
47North Dakota1033,59377.59128.89
7Ohio6,51880317.8227.65
18Oklahoma1,3511,28919.1454.05
43Oregon6592,730-0.7515.01
15Pennsylvania4,7061,21718.7261.66
35Rhode Island2192,19714.0619.02
2South Carolina3,18473028.3931.84
49South Dakota636,165186.36173.91
39Tennessee1,3012,31413.434.92
10Texas13,64783895.35106.99
16Utah9291,22067.9965.30
50Vermont1917,554-36.6726.67
28Virginia2,1141,70118.7024.28
45Washington1,0922,90431.8827.42
44West Virginia3092,78138.5785.03
29Wisconsin1,5041,80773.0766.19
38Wyoming1182,3049.26-11.28

Report methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com 

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

SOURCE ATTOM

Opportunity Zone Housing Markets Rebound In Second Quarter Of 2023 Along With Rest Of Nation

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Median Home Values Increase After Period of Decline in Majority of Opportunity Zones Targeted for Economic Redevelopment Around U.S.

Irvine, CA – Aug. 17, 2023 (PRNewswire) ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 3,909 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the second quarter of 2023.

The report found that median single-family home and condo prices increased from the first quarter of 2023 to the second quarter of 2023 in 61 percent of Opportunity Zones around the country, and rose at least 5 percent in about half. The increases reversed a brief fallback in values during the prior two quarters in a majority of zones, which sit in and around low-income neighborhoods where the federal government offers tax breaks to spur economic revival.

The renewed price growth continued a long-term pattern of trends in Opportunity Zones largely matching those in other neighborhoods around the U.S. Values in those areas also dipped from late 2022 into early 2023 before recovering in the second quarter. Changes in home values inside Opportunity Zones have been tracking closely with national patterns for at least the last three years – mostly rising in a sign of economic strength inside some of the country’s most distressed communities.

By two key measures, Opportunity Zone markets even showed signs of rebounding slightly better than other neighborhoods around the country during the second quarter of this year. Median prices inside those zones rose more often at a faster pace than the nationwide gain both quarterly and annually.

“Another quarter and another sign of housing market strength. That was the story yet again in Opportunity Zones around the U.S. during the Spring buying season of 2023,” said Rob Barber, CEO for ATTOM. “It doesn’t seem to matter whether the national market is booming or cooling off. Prices are rising or falling at about the same pace inside Opportunity Zones as they are elsewhere around the U.S. – and even doing a little better in some ways. For sure, prices remain low in Opportunity Zones. But once again, home value trends present a positive note for investors considering using federal tax breaks offered to redevelop neighborhoods in need of revival.”

Opportunity Zones are defined in the Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people.

As they have for many years, or even decades, typical home values in Opportunity Zones continued to fall well below those in most other neighborhoods around the nation in the second quarter of 2023. Median second-quarter prices were less the U.S. median of $350,000 in 80 percent of Opportunity Zones analyzed. That was about the same portion as in earlier periods over the past year. In addition, median prices remained less than $200,000 in 49 percent of the zones during the second quarter of 2023.

Considerable price volatility also continued in Opportunity Zones, with median values either dropping or increasing by at least 5 percent in two-thirds of those locations from the first quarter of 2023 to the second quarter of 2023. That likely reflected the small number of sales in many zones.

Still, second-quarter trends showed that the earlier downturn in home values nationwide failed to cause a long-term slump in Opportunity Zones, despite their economic distress. That suggests that a decade of home-price runups across the U.S. continues to leave a significant cluster of potential buyers with limited resources no choice but to take a chance and purchase homes in the lowest-priced communities. The apparently healthy demand in the second quarter continued even as home-mortgage rates climbed back up toward 7 percent for 30-year loans this Spring, cutting into what buyers could afford.

“Opportunity Zones appear to still be enjoying the trickle-down effect of value spikes in mid-level markets that have likely priced marginal buyers out,” Barber added. “With an ongoing tight supply of homes for sale pushing the trends even more throughout the country, there are no major signs that Opportunity Zones price patterns will fall out of step with the national scenario in the near future.”

High-level findings from the report:

  • Median prices of single-family homes and condominiums increased from the first quarter of 2023 to the second quarter of 2023 in 1,977 (61 percent) of the Opportunity Zones around the U.S. with sufficient data to analyze, while decreasing or staying the same in 39 percent. Medians also were up from the second quarter of 2022 to same period this year in 2,049 (55 percent) of those zones. (Among the 3,909 Opportunity Zones included in the report, 3,248 had enough data to generate usable median-price comparisons from the first quarter of 2023 to the second quarter of 2023; 3,704 had enough data to make comparisons between the second quarter of 2022 and the second quarter of 2023).
  • Median values went up at least 5 percent quarterly in 52 percent of Opportunity Zones with sufficient data to analyze.
  • But in a sign that Opportunity Zones did a bit better than the rest of the country, median prices were up year-over-year by at least 3 percent in a higher portion of those areas. They were up annually by that much in 50 percent of Opportunity Zones versus 45 percent of local markets in other parts of the country.
  • Among states that had at least 25 Opportunity Zones with enough data to analyze during the second quarter of 2023, the largest portions of zones where median prices rose quarterly were in Minnesota (medians up from the first quarter of 2023 to the second quarter of 2023 in 76 percent of zones), Tennessee (75 percent), Alabama (68 percent), California (67 percent) and Indiana (67 percent). States where prices were up quarterly in the smallest portion of zones included Louisiana (median prices up quarterly in 45 percent of zones), Colorado (53 percent), Virginia (53 percent), Oregon (54 percent) and Texas (58 percent).
  • States where median home values in Opportunity Zones were up most often year over year included Indiana (median prices up annually in 88 percent of zones), Massachusetts (82 percent), New Jersey (80 percent), Tennessee (80 percent) and Missouri (79 percent).
  • Of the 3,909 zones in the report, 1,282 (33 percent) had median prices in the second quarter of 2023 that were less than $150,000. That was down from 36 percent of those zones a year earlier. Another 614 zones (16 percent) had medians in the second quarter of this year ranging from $150,000 to $199,999.
  • Median values in the second quarter of 2023 ranged from $200,000 to $299,999 in 923 Opportunity Zones (24 percent) while they topped the nationwide second-quarter median of $350,000 in just 754 (19 percent).
  • The Midwest continued in the second quarter of 2023 to have larger portions of the lowest-priced Opportunity Zone tracts. Median home prices were less than $175,000 in 66 percent of zones in the Midwest, followed by the Northeast (46 percent), the South (43 percent) and the West (6 percent).
  • Median household incomes in 87 percent of Opportunity Zones analyzed were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county-level figures in 55 percent of zones and less than half in 15 percent.

Report methodology
The ATTOM Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM’s analysis compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the first quarter of 2023. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2017 through 2021. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report.

About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com 

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

SOURCE ATTOM

Profits On Home Sales Rebound Across U.S. In Second Quarter Of 2023 Aa Housing Market Revives

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Profit Margins on Typical Sales Nationwide Increase Following Three Quarterly Declines; Investment Returns Rise as Median U.S. Home Price Jumps 10 Percent; Seller Profits Still Down Annually Following Earlier Drop-offs

Irvine, CA – July 20, 2023 (PRNewswire) ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales in the United States increased to 47.7 percent in the second quarter – the first gain in a year.

The improvement in typical profit margins, from 43.9 percent in the first quarter of 2023, came amid a rebound in the U.S. housing market that pushed the median nationwide home price up 10 percent quarterly to $350,000. Both the nationwide profit margin and median home price increased after three straight quarterly drop-offs that had begun to reverse a decade-long market boom.

However, even as seller fortunes turned around in the second quarter, the typical investment return nationwide did remain below the recent high point of 53.2 percent, recorded a year earlier during the second quarter of 2022.

“Just when it looked like the housing market was flattening out, prices spiked again, which pushed seller profits back up to nearly their highest level in the past decade,” said Rob Barber, CEO for ATTOM. “Stable mortgage rates, an ongoing tight supply of homes for sale and the usual Springtime surge in buyer demand appeared to have combined to halt the downturn we started seeing a year ago. It’s way too early to predict another long-term price run-up, especially since buying a home is a financial stretch for so many households around the country. But the second-quarter numbers clearly show the market has more steam left in it, and sellers are reaping the benefits.”

Gross profits also shot up from the first to the second quarter of 2023. They rose 17 percent on the typical single-family home and condo sale across the country, to $113,000, although they were still down 5 percent annually.

The about-face in profits and prices around the U.S. during the second quarter reflected a housing market in flux.

After a decade of almost continual increases, home prices dipped across most of the country in the middle of 2022 and continued declining through the first quarter of 2023. The national median price dropped 7 percent during that time as rising home-mortgage rates, high consumer price inflation and a faltering stock market cut into what potential buyers could afford.

Prices and profits went back up in the second quarter during the start of the annual buying season, helped along by several forces. They included the nation’s limited supply of homes for sale, mortgage rates that stabilized at around 6.5 percent for a 30-year fixed-rate loan, investment market gains and an easing of inflation. As the 2023 home-buying season continues, the prospect of even better seller profits remains in place but will depend heavily on whether any or all of those factors improve or decline.

Profit margins grow quarterly in two-thirds of U.S. but remain down annually
Typical profit margins – the percent difference between median purchase and resale prices – increased from the first quarter of 2023 to the second quarter of 2023 in 107 (69 percent) of the 156 metropolitan statistical areas around the U.S. with sufficient data to analyze. However, they were still down in 118, or 76 percent, of those metros compared to the second quarter of last year, as the recent improvements were not enough to wipe out losses sustained from the middle of 2022 to the early part of 2023.

Metro areas were included if they had sufficient population and at least 1,000 single-family home and condo sales in the second quarter of 2023.

The biggest quarterly increases in typical profit margins came in the metro areas of Barnstable, MA (margin up from 47 percent in the first quarter of 2023 to 69.2 percent in the second quarter of 2023); Fort Wayne, IN (up from 46.7 percent to 65.5 percent); Augusta, GA (up from 45.7 percent to 64.1 percent); Rochester, NY (up from 50.9 percent to 68 percent) and Charleston, SC (up from 37.7 percent to 52 percent).

Aside from Rochester, the biggest quarterly profit-margin increases in metro areas with a population of at least 1 million in the second quarter of 2023 were in Grand Rapids, MI (return up from 63.9 percent to 76.5 percent); Raleigh, NC (up from 35.8 percent to 47.7 percent), Hartford, CT (up from 38.5 percent to 50.1 percent) and San Diego, CA (up from 45.3 percent to 56.7 percent).

Typical profit margins decreased quarterly in just 49 of the 156 metro areas analyzed (31 percent). The biggest quarterly decreases were in Scranton, PA (margin down from 86.9 percent in the first quarter of 2023 to 70.2 percent in the second quarter of 2023); Hilo, HI (down from 101.5 percent to 86.7 percent); Detroit, MI (down from 90 percent to 76 percent); Spartanburg, SC (down from 60.6 percent to 46.6 percent) and Flint, MI (down from 91.6 percent to 80.5 percent).

Aside from Detroit, the largest quarterly decreases in profit margins among metro areas with a population of at least 1 million came in Pittsburgh, PA (down from 50.9 percent to 40.2 percent); Buffalo, NY (down from 70.9 percent to 61.5 percent); Indianapolis, IN (down from 48.7 percent to 40.4 percent) and Honolulu, HI (down from 47.1 percent to 41.1 percent).

Metro areas with a population of at least 1 million where typical profits remained down the most annually included Austin, TX (margin down from 80.3 percent in the second quarter of 2022 to 47.2 percent in the second quarter of 2023), San Francisco, CA (down from 85.1 percent to 59.4 percent); Phoenix, AZ (down from 75.8 percent to 51.6 percent); Salt Lake City, UT (down from 69.3 percent to 46.4 percent) and Las Vegas, NV (down from 66.5 percent to 46.5 percent).

Raw profits up in almost 90 percent of housing markets
Profits on median-priced home sales nationwide, measured in raw dollars, increased from $96,573 in the first quarter of 2023 to $113,000 in the second quarter, a 17 percent gain. Typical raw profits went up quarterly in 137, or 88 percent, of the metro areas analyzed for this report.

Annually, however, raw profits remained down 4.6 percent from a record high of $118,400 in the second quarter of 2022. They dropped year over year in 65 percent of the markets analyzed.

The biggest quarterly raw-profit increases in areas with a population of at least 1 million were in Birmingham, AL (up 47 percent); Rochester, NY (up 44 percent); St. Louis, MO (up 37 percent); Hartford, CT (up 35 percent) and Cleveland, OH (up 33 percent).

On an annual basis, the largest year-over-year declines in raw profits on median-priced home sales among metros with a population of at least 1 million came in Austin, TX (down 36 percent); Birmingham, AL (down 32 percent); Salt Lake City (down 28 percent); San Francisco, CA (down 27 percent) and Phoenix, AZ (down 27 percent).

The largest raw profits on median-priced sales in the second quarter of 2023 were in San Jose, CA (profit of $600,000); San Francisco, CA ($416,000); San Diego, CA ($301,500); Seattle, WA ($285,000) and Naples, FL ($265,905).

The smallest were in Shreveport, LA ($14,000); Beaumont, TX ($24,943); Rockford, IL ($38,140); McAllen, TX ($41,407) and Toledo, OH ($43,000).

Prices up quarterly in more than 90 percent of nation
Median single-family home and condo prices increased from the first to the second quarter of 2023 in 150 (96 percent) of the 156 metro areas around the country with enough data to analyze and were up annually in 94 of those metros (60 percent).

Nationwide, the median home price rose to $350,000, up 10.4 percent from $317,000 in the first quarter of 2023 and 2.4 percent over the previous record of $341,750, set in the second quarter of last year.

Among metro areas, the biggest increases in median home prices from the first quarter of 2023 to the second quarter of 2023 were in Rochester, NY (up 20 percent); Madison, WI (up 19.1 percent); Bridgeport. CT (up 18.6 percent); St. Louis, MO (up 17 percent) and Augusta, GA (up 16.9 percent).

Aside from Rochester and St. Louis, the largest median-price increases during the second quarter of 2023 in metro areas with a population of at least 1 million were in Detroit, MI (up 15.8 percent); Birmingham, AL (up 15.6 percent) and Grand Rapids, MI (up 14.5 percent).

Home prices tied or hit new highs during the second quarter of 2023 in 89, or 57 percent, of the 156 metro areas in the report. Metro areas with a population of more than 1 million that set or tied records in the second quarter included Chicago, IL; Miami, FL; Dallas, TX; Washington, DC, and Atlanta, GA.

The only metro areas with a population of at least 1 million where the median home price declined from the first to the second quarter of 2023 were Honolulu HI (down 1.4) and Salt Lake City (down .03 percent).

Historical Median Home Sales Prices 

Homeownership tenure inches up after hitting 10-year low
Homeowners who sold in the second quarter of 2023 owned their homes an average of 5.76 years. That was up from a low point over the past decade of 5.59 years in the first quarter of 2023, but still down from 5.84 years in the second quarter of 2022.

Average tenure remained down from the second quarter of 2022 to the same period this year in 47 percent of metro areas with sufficient data. The largest annual declines were in Rockford, IL (tenure down 23 percent); Salem, OR (down 19 percent); Torrington, CT (down 17 percent); St. Louis, MO (down 16 percent) and Manchester, NH (down 15 percent).

All 15 of the longest average tenures among sellers in the second quarter of 2023 were in the Northeast or West regions of the U.S. They were led by Bellingham, WA (8.04 years); Manchester, NH (7.88 years); Honolulu, HI (7.78 years); San Jose, CA (7.38 years) and Bridgeport, CT (7.26 years).

Average U.S. Homeownership Tenure

The smallest average tenures among second-quarter sellers were in Lakeland, FL (1.46 years); Memphis, TN (3.23 years); Cleveland, OH (3.88 years); Salem, OR (4.15 years) and Tucson, AZ (4.29 years).

Lender-owned foreclosures dip down close to low since 2000
Home sales following foreclosures by banks and other lenders represented just 1.4 percent, or one of every 69, U.S. single-family home and condo sales in the second quarter of 2023. That was down from 1.7 percent in the first quarter of 2023, although up from 1.1 percent in the second quarter of last year. Still, it remained just a tiny fraction of the 30 percent peak this century hit in 2009 during the aftermath of the Great Recession of 2007.

Among metropolitan statistical areas with sufficient data, those areas where REO sales represented the largest portion of all sales in the second quarter of 2023 included Flint, MI (12.5 percent, or one in nine sales); Albany, NY (6 percent); Lansing, MI (5.9 percent); Detroit, MI (5.2 percent) and Kalamazoo, MI (4.5 percent).

Cash sales drop
Nationwide, all-cash purchases accounted for 35.9 percent of single-family home and condo sales in the second quarter of 2023. That was down from 39 percent in the first quarter of 2023 but was unchanged from the second quarter of last year.

Among metropolitan areas with sufficient cash-sales data, those where cash sales represented the largest share of all transactions in the second quarter of 2023, included Hudson, NY (69.6 percent of all sales); Oneonta, NY (66.7 percent); Wheeling, WV (66.3 percent); Claremont-Lebanon, NH (65.9 percent) and Seneca, SC (63 percent).

Those where cash sales represented the smallest share of all transactions in the second quarter of 2023, included California-Lexington Park, MD (17.4 percent); Vallejo, CA (19 percent); Washington, DC (20.1 percent); Olympia, WA (21.6 percent) and Lincoln, NE (21.7 percent).

Institutional investment increases
Institutional investors nationwide accounted for 6.1 percent, or one of every 16, single-family home and condo purchases in the second quarter of 2023. That was up from 5.7 percent in the first quarter of 2023, but still down from 7.4 percent in the second quarter of 2022.

Among states with enough data to analyze, those with the largest percentages of sales to institutional investors in the second quarter of 2023 were Georgia (9 percent of all sales), Tennessee (9 percent), Indiana (8.4 percent), Oklahoma (8.2 percent) and Texas (8.1 percent).

States with the smallest levels of sales to institutional investors in the second quarter of 2023 included Hawaii (2.4 percent of all sales), New Hampshire (3.1 percent), Rhode Island (3.3 percent), Maine (3.6 percent) and New York (3.7 percent).

Historical Home Sales by Type

FHA-financed purchases up again
Nationwide, buyers using Federal Housing Administration (FHA) loans comprised 9.4 percent of all single-family home purchases in the second quarter of 2023 (one of every 11). That was up from 8.4 percent in the first quarter of 2023 and from 6.7 percent a year earlier. The latest increase marked the fourth consecutive quarterly gain.

Among metropolitan areas with sufficient FHA-buyer data, those with the highest levels of sales to FHA purchasers in the second quarter of 2023 included Odessa, TX (34.8 percent of all sales); Casper, WY (29.9 percent); El Centro, CA (26.9 percent); Pueblo, CO (22.8 percent) and Dover, DE (22.7 percent).

Report methodology
The ATTOM U.S. Home Sales Report provides percentages of REO sales and all sales that are sold to institutional investors and cash buyers, at the state and metropolitan statistical area. Data is also available at the county and zip code level, upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available.

Definitions
All-cash purchase: sale where no loan is recorded at the time of sale and where ATTOM has coverage of loan data.

Homeownership tenure: for a given market and given quarter, the average time between the most recent sale date and the previous sale date, expressed in years.

Home seller price gains: the difference between the median sales price of homes in a given market in a given quarter and the median sales price of the previous sale of those same homes, expressed both in a dollar amount and as a percentage of the previous median sales price.

Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in a calendar year.

REO sale: a sale of a property that occurs while the property is actively bank owned (REO).

About ATTOM 
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com 

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SOURCE ATTOM