IRVINE, CA – Aug. 29, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source
for comprehensive housing data, today released its July 2013 U.S. Residential
& Foreclosure Sales Report, which shows that U.S. residential properties
sold at an estimated annualized pace of 5.5 million in July 2013, up 4 percent
from the previous month and up 11 percent from a year ago — the biggest annual
increase in sales volume so far this year.
While sales volume continued to increase nationwide, eight
states posted annual decreases in total sales, including California (down 17
percent), Arizona (down 11 percent), Nevada (down 7 percent), and Georgia (down
2 percent).
Those four states also posted the four biggest annual increases in
median home prices in July: California (up 31 percent); Nevada (up 27 percent);
Arizona (up 21 percent); and Georgia (up 20 percent).
The national median sales price was $174,500 in July, up 4
percent from the previous month and up 6 percent from a year ago — the 16th
consecutive month where median home prices nationwide have increased annually
after bottoming in March 2012.
The median price of a distressed sale — in
foreclosure or bank owned — was $120,000, up 1 percent from the previous month
but down 1 percent from a year ago and 37 percent below the median sales price
of a non-distressed residential property.
“Low inventory of homes available for sale is proving to be
a double-edged sword in many local housing markets that have bounced back
quickly from the real estate slump,” said Daren Blomquist, vice
president at RealtyTrac.
“Home prices are accelerating rapidly in these markets
thanks to the combination of low supply and strong demand. However, counter to
the national trend, sales volume in these markets is down even as the
percentage of cash sales rises, indicating there is still strong demand but
that buyers who need financing to purchase are increasingly left out in the
cold.
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| Daren Blomquist |
“The recent uptick in interest rates could also be
contributing to a higher percentage of cash purchases as some non-cash buyers
can no longer afford to buy, particularly in high-priced markets,” Blomquist
added.
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
949.502.8300, ext. 139
Ginny Walker
949.502.8300, ext. 268
Brittney Marin
949.502.8300, ext. 107
Data and Report Licensing:
800.462.5193
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