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IRVINE, CA-More evidence that the residential real estate market is in true recovery: US residential property sales rose 2% in June from the previous month and 8% from a year ago, according to locally based online source for real estate data RealtyTrac. The firm's first-ever US residential sales report also shows that the national median sales price of $168,000 in June was up 3% from the previous month and 5% from a year ago.
In addition, all-cash purchases accounted for 30% of all sales in June, down from 31% of all sales in the previous month and a year ago, according to RealtyTrac. Metro areas with higher percentages of cash sales included Cape Coral-Ft. Myers, Sarasota and Tampa, FL; Miami; Las Vegas; and Detroit.
Investor purchases accounted for 9% of all residential sales in June, up from 8% of all sales in May but down from 10% of all sales in June 2012. States with the highest percentage of institutional investor sales included Georgia, Nevada, Arizona, Oklahoma, North Carolina and Florida.
“The US housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the vest inventory available in many areas,” says Daren Blomquist, VP at RealtyTrac. “Rising home values should continue to unlock more non-distressed inventory while also pricing institutional investors out of more markets, which, combined with rising interest rates, will cool off the pace of appreciation.”
As GlobeSt.com reported earlier this month, despite a 58% month-over-month drop in foreclosure activity in June and an 84% drop in foreclosure starts from the previous month, Nevada still posted the nation's second-highest foreclosure rate in the first half of 2013, according to RealtyTrac. The state had one in every 71 housing units with a foreclosure filing during the first half of 2013, up 12% from the previous six months but down 21% from a year ago.
For the complete US residential report from RealtyTrac, click here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
