IRVINE, Calif.—The first-ever U.S. Residential Sales Report was release by RealtyTrac, which shows that U.S. residential property sales reached an estimated annualized pace of 5.3 million in June 2013. This pace is up 2 percent from the previous month and up 8 percent from a year ago.
“The U.S. housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the best inventory available in many area,” said Daren Blomquist, vice president at RealtyTrac. “Rising home values should continue to unlock more non-distressed inventory while also pricing institutional investors out of more markets, which, combined with rising interest rates, will cool off the pace of price appreciation.”
Other highlights of the report:
- A national median sales prices of is listed at $168,000 for the month, which is up 3 percent from the previous month and up 5 percent from a year ago.
- The median price of a distressed sale was $120,000, totaling 34 percent below the median price of a non-distressed sale.
- All-cash purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in the previous month and a year ago.
- Sales to non-lending entities accounted for 9 percent of all residential sales, an increase from 8 percent of all sales in May but a decrease from 10 percent of all sales in June 2012.
- Short sales, similarly, were both an increase and decrease from former months, coming in at 14 percent of all residential sales in June. This was a decrease from 15 percent in May, but an increase from 8 percent a year ago.
- Metro areas with annual increases in median prices of 20 percent or more included: Sacramento, Calif. (35 percent); San Francisco (30 percent); Los Angeles (27 percent); Las Vegas (26 percent); and Phoenix (25 percent).
- Sates with the largest distressed sale discount included: Ohio (58 percent); Michigan (48 percent); Illinois (47 percent); Massachusetts (46 percent); and Wisconsin (45 percent).
More information about the U.S. Residential Sales Report or RealtyTrac can be found here.