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| Daren Blomquist |
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s
leading source for comprehensive housing data, released its February 2014
Residential & Foreclosure Sales Report, which shows that U.S. residential
properties, including single family homes, condominiums and townhomes, sold at
an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from
the previous month but still up 7 percent from a year ago.
February marked the
fourth consecutive month where sales activity has decreased on a monthly basis.
The decrease in sales volume nationwide was driven by
monthly decreases in 31 states. Meanwhile sales volume decreased on a
year-over-year basis in six states, including Massachusetts, California,
Arizona and Nevada, and 21 of the nation’s 50 largest metro areas, including
seven California markets along with Phoenix, Orlando, Las Vegas and Detroit,
among others.
“Supply and demand have reached a bit of a standoff in this
uneven real estate recovery,” said Daren Blomquist, vice president at
RealtyTrac.
“The supply of distressed properties — which buyers and
investors have come to rely on over the past few years — is evaporating quickly
in most markets, but that dwindling supply is not being adequately replenished
by non-distressed homeowners listing their homes or by new homes being built.
“Meanwhile, a key source of demand over the past two years —
institutional investors purchasing single family homes as rentals — is starting
to decline, and it’s not yet clear if that diminishing demand will be filled by
first-time homebuyers and move-up buyers.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
949.502.8300, ext.
139
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