Consumers who bought homes with cash had another record showing in San Diego County in May, the latest DataQuick numbers say.
The share of cash deals rose to 33.3 percent, topping the previous peak of 33 percent set in April. They made up 26.5 percent of all sales a year ago. May’s percentage of cash buyers surpassed that of the Southern California region, which was 31.3 percent.
Those who buy homes with cash are mainly investors, said DataQuick analyst Andrew LePage, but there are other groups, too.
“It’s people who retire or are near retirement who want to sell big houses and buy smaller houses,” LePage said. “Or parents buying houses near universities, paying with cash... and then you’ve got wealthy people buying luxury properties in cash.”
Throughout Southern California, cash buyers paid a median of $232,500 in May, up from $225,000 in April and $220,000 in May 2011. The median price for all types of homes combined in San Diego County in May was $335,000.
Here’s a breakdown of other important numbers to track:
Foreclosure resales
These are homes that were foreclosed upon in the last year and were resold. DataQuick says 21.3 percent of total resales fit into this category in May, the lowest it’s been since October 2007, when it was 20.8 percent. A year ago, the share of resales that were foreclosures was 30.9 percent.
Short sales
An estimated 19.8 percent of resales in May were short sales, down from 20.7 percent in April but up from 18.4 percent a year ago.
When comparing May 2012 with May 2011, sales of San Diego homes:
• Below $200,000 were up 5.6 percent.
• Below $300,000 were up 10.3 percent.
• Below $400,000 were up 16.4 percent.
• Between $300,000 and $800,000 were up 28.8 percent.
LePage, of DataQuick, says those numbers signal “strong evidence of move-up buyers,” likely folks with home equity who have been on the sidelines for some time and are now taking the homebuying plunge.
Written by
Lily Leung
