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IRVINE, CA-Distressed housing inventory in some markets continues to attract institutional investors and all-cash buyers, which still make up an appreciable percentage of the home-buying market, according to locally based online resource for real estate and foreclosure data RealtyTrac. The firm reports that while distressed inventories are decreasing in many markets, this cohort is still responsible for a good chunk of home sales throughout the country.

“Lingering distressed inventory in many markets will continue to provide fodder for institutional investors and cash buyers in those markets,” says Daren Blomquist, VP for RealtyTrac. “Markets where sales increased in June tend to be in states with that lingering distressed inventory, whereas markets where sales decreased tend to be in states that more quickly absorbed distressed inventory thanks to a relatively fast foreclosure process and strong demand.”

As GlobeSt.com reported earlier today, US residential property sales rose 2% in June from the previous month and 8% from a year ago, according to 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 and that 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.

RealtyTrac also reports that sales of bank-owned properties accounted for 9% of all residential sales in June—down from 10% in May—and on par with a year ago. Metro areas where REO sales accounted for higher percentages of total sales included Detroit; Modesto and Stockton, CA; Las Vegas; and Akron, OH.

For the complete US residential report from RealtyTrac, click here.

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