Home Prices Rise, But Not by Much

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IRVINE, CA-The national median sales price of all residential properties—including both distressed and non-distressed sales—was $169,000 in November, up only 1% from October, but up 7% from November 2012, RealtyTrac reports. November was the 19^th consecutive month median home prices have increased on an annualized basis, according to the firm; markets with the biggest annual increase in median prices included Detroit, Sacramento, Atlanta and San Francisco.

RealtyTrac also reports that the median price of a distressed residential property—in foreclosure or bank owned—was $100,500 in November. This figure was 39% below the median price of $181,500 for a non-distressed residential property.

Also, sales of bank-owned homes accounted for 10% of all residential property sales in November, up from 9.1% in October and 9.4% a year ago. November marked the third consecutive month where REO sales increased from the previous month. Metro areas where REO sales accounted for at least 20% of all sales and increased from a year ago included Stockton, CA; Las Vegas; Cleveland; Riverside-San Bernardino, CA; and Phoenix.

Sales to third-party investors at the foreclosure auction represented 1.3% of all residential property sales in November, up from 0.8% of sales in both the previous month and a year ago to the highest level since RealtyTrac began tracking third-party foreclosure auction sales in January 2011. Metro areas with the highest share of third-party foreclosure auction sales were Miami; Atlanta; Jacksonville, FL; Orlando; and Las Vegas.

Short sales represented 5.6% of all residential property sales in November, up from 5.4% the previous month, but down from 6.5% in November 2012. States with the highest percentage of short sales were Nevada, Florida, Illinois, Maryland and New Jersey.

As GlobeSt.com reported earlier this month, all-cash purchases account for 42% of all residential property sales in November, up from 38.8% in October and also up from a year ago, according to RealtyTrac. States with the highest percentage of cash sales were Florida, Georgia, Nevada, South Carolina and Michigan.

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