U.S. residential properties sold at an estimated annual pace of 5.2 million in April, according to RealtyTrac’sApril 2014 Residential & Foreclosure Sales Report. April’s sales pace is a decrease of less than 1 percent from March, but an increase of 4 percent from April 2013.
“April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country,” said Daren Blomquist, VP at RealtyTrac. “Annualized sales volume nationwide decreased on a monthly basis for the sixth consecutive month and the 4 percent annual increase in April was the lowest year-over-year increase so far this year. Meanwhile median home prices nationwide increased to the highest level since December 2008.”
The median sales price of both distressed and non-distressed properties was $172,000 in April, an increase of 4 percent from March and an increase of 11 percent from the previous year. April’s increase was the biggest year-over-year increase since U.S. median prices bottomed out in March 2012, according to RealtyTrac.
“U.S. median home prices have now increased 21 percent since hitting bottom in March 2012, although they are still 28 percent below their pre-recession peak of $237,537 in August 2006,” Blomquist continued.
April marked the 25th consecutive month where U.S. median prices increased on an annual basis, according to RealtyTrac.
Short sales and foreclosures declined for the month, dropping to 15.6 percent of all sales in April, down from 16.5 percent of all sales in March. Short sales and distressed sales are down yearly from 17.2 percent from April 2013.
Metro areas with the highest share of combined short sales and distressed sales were Las Vegas, Nevada (37.7 percent); Stockton, California (33.3 percent); Modesto, California (31.7 percent); Lakeland, Florida (31.4 percent); Orlando, Florida (29.3 percent); and Cleveland, Ohio (27.8 percent).
REO properties accounted for 9.2 percent of nationwide sales in April, down from 9.7 percent of all sales in March and down from 10 percent of all sales in April 2013.
Auction sales for the month accounted for 1.2 percent of sales, down from 1.3 percent of all sales in March, but still up from 0.8 percent of all sales in April 2013, according to the company.