[IMGCAP(1)]
IRVINE, CA-Sales volume and median prices for US homes is continuing to increase in most markets, and short sales and bank-owned sales combined account for one in four sales, according to RealtyTrac. US residential properties, including single-family homes, condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up 2% from the 5.5 million pace in July and up 12% from the 5 million pace in August 2012.
The national median sales price in August was $175,000, up 3% from the previous month and up 6% from a year ago—the 17th consecutive month where median home prices have increased annually nationwide, the firm reports. Also, the median price of a distressed residential property, either in foreclosure or bank-owned, in August was $116,000, up 1% from the previous month, but down 3% from a year ago. Median distressed prices have now declined on an annual basis for six consecutive months including August.
“Seven years after the housing bubble burst, US home prices are clearly on the rise again, up 23% from the bottom in March 2012 although still 26% below the peak of the housing price bubble in August 2006,” says Daren Blomquist, VP 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.”
Also, short sales accounted for 15% of all US residential sales in August, up from 14% in July and 8% in August 2012. States with the biggest percentage of short sales were Nevada, Florida, Ohio, Maryland, Tennessee and Michigan.
For the complete report, click here.
As GlobeSt.com reported last week, Orange County median home prices have made an impressive jump over the past year, industry sources report. In addition, the county boasts one of the highest-rated public school districts in Irvine Unified School District, reports ZipRealty Inc., which may be linked to the increase.
[IMGCAP(2)]
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.