IRVINE, Calif. – Sept. 26, 2013 – U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up 2 percent month-to-month and 12 percent year-to-year, according to RealtyTrac’s August 2013 U.S. Residential & Foreclosure Sales Report.
The national median sales price in August was $175,000, up 3 percent from the previous month and up 6 percent from a year ago – the 17th consecutive month in which median home prices increased year-to-year.
The median price of a distressed residential property in August – one in foreclosure or bank owned – was $116,000, up 1 percent from the previous month, but down 3 percent from a year ago. Median distressed prices have now declined on an annual basis for six consecutive months.
“Seven years after the housing bubble burst, U.S. home prices are clearly on the rise again, up 23 percent from the bottom in March 2012, although still 26 below the peak of the housing price bubble in August 2006,” says Daren Blomquist, vice president at RealtyTrac. “This recovery in home prices and sale volume continues to be driven in large part by cash buyers and institutional investors, as evidenced by the increasing share of sales represented by those two categories in August.”
High-level report findings
• 45% of all residential sales in August were cash purchases, up from 39% in July and 30% year-to-year.
• Among metro areas with a population of 1 million or more, the highest percentage of all-cash sales were in Miami (69%), Detroit (68%), Las Vegas (66%), Jacksonville, Fla., (65%) and Tampa, Fla., (64%).
• Institutional investors (purchasing 10 or more properties in the last 12 months) accounted for 10 percent of all sales in August, up from 9 percent in July and 9 percent in August 2012.
• Among metro areas with a population of 1 million or more, those with the highest percentage of institutional investor purchases were Memphis, Tenn. (31%), Jacksonville, Fla. (29%), Atlanta (22%), St. Louis (17%) and Detroit (17%).
• Short sales accounted for 15 percent of all U.S. residential sales in August, up from 14 percent in July and 8 percent in August 2012. States with the biggest percentage of short sales were Nevada (34%), Florida (29%), Ohio (23%), Maryland (21%), Tennessee (20%) and Michigan (20%).
• Bank-owned homes made up 10 percent of all U.S. residential sales in August, up from 9 percent in July and 9 percent year-to-year. States with the biggest percentage of REO were Nevada (22%), Ohio (17%), Arizona (17%), Michigan (16%), Illinois (14%) and California (14%).
• Sales volume increased from the previous month in 39 of the 42 states tracked. It was up from a year ago in 37 states, including Texas, (up 31%), Illinois (29%), Pennsylvania (28%), Virginia (26%) and Florida (22%).
• Notable exceptions where sales volume decreased from a year ago included California (down 17%), Arizona (12%) and Nevada (6%).
• States with biggest annual increases in median prices include California (up 32%), Nevada (26%), Georgia (21%), Arizona (20%) and New York (19%).
• Among metro areas with a population of 1 million or more, those with the biggest annual increases in median prices included San Francisco (up 35%), Sacramento (35%), Riverside-San Bernardino in Southern California (28%), Atlanta (28%), Los Angeles (26%), Las Vegas (26%) and Phoenix (25%).
© 2013 Florida Realtors®
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