IRVINE, Calif.—The February 2014 Residential & Foreclosure Sales Report from RealtyTrac shows that U.S. residential properties sold at an estimated annual pace of 5,083,241 in February. This marks a 0.2 percent decrease from the previous month but is still up 7 percent from a year ago. February marks 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. Twenty-one of the nation’s largest metro areas –including seven California markets along with Phoenix, Orlando, Las Vegas and Detroit –also saw decreased sales volume.
“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.”
Other highlights from the February 2014 Residential & Foreclosure Sales Report include:
- The national median sales prices of U.S. residential properties –including both distressed and non-distressed sales –was $164,667 in February, down 1 percent from the previous month but up 4 percent from February 2013.
- Short sales and distressed sales, in foreclosure or bank-owned, accounted for 16.9 percent of all U.S. sales in February, up from 16.1 percent of sales in January but down from 19.1 percent of sales in February 2013.
- The median price of distressed properties was $96,606 in February, 44 percent below the median price of non-distressed properties ($172,339).
- Short sales nationwide accounted for 5.7 percent of all sales, up from 5.5 percent in January but down from 6.9 percent a year ago. Metro areas with the highest percentage of short sales included Las Vegas, Orlando, Tampa, Memphis and Miami.
- Sales of bank-owned properties nationwide accounted for 9.7 percent of sales, up from 9.3 percent in January but down from 11.1 percent a year ago. Metro areas with the highest percentage of bank-owned sales in February included Cleveland; Stockton, Calif.; Las Vegas, Detroit; and Jacksonville, Fla.
- Sales at the public foreclosure auction accounted for 1.5 percent of all sales nationwide in February, up from 1.3 percent in January and up from 1.1 percent in February 2013. Metro areas with the highest percentage of foreclosure auction sales included Lakeland, Fla.; Columbus, Ohio; Charlotte, N.C.; Miami; and Las Vegas.
- All-cash sales accounted for 43.3 percent of all U.S. residential sales in February, up from a revised 42.1 percent in January and up from 20.2 percent in February 2013. This marks the eighth consecutive month where cash sales accounted for 35 percent or more of all sales nationwide.
More on RealtyTrac and its February 2014 Residential & Foreclosure Sales Report can be found here.