Existing home sales account for a large part of the total home sales, and drive the purchase originations market. Existing home sales in August were down 0.7% from 12 months ago nationally. But there are potentially large variances across states. We have compiled data from 39 states that publicly report home sales. Together, sales were up 1% in these states: Washington, Nevada, Georgia, New Jersey, and Alabama reported ~5% year-over-year growth in August. Most states in the Midwest also performed well, reporting 3-4% year-over-year growth. The Carolinas reported ~2% growth. Eight states reported lower sales compared to a year ago, with Texas, Illinois, New York, Colorado, and Minnesota being some of the larger states with lower sales.
I found the following two stories from last week interesting:
Goldman Sachs is buying Genesis Capital, a company that backs investors seeking to buy, spruce up and quickly sell homes. It was founded in 2007, and has been growing rapidly. It lent $1 billion last year, up from $50 million in 2013. (WSJ.com)