In RealtyTrac's May 2014 Residential & Foreclosure Sales Report, U.S. residential properties (single family homes, condominiums, and townhomes) sold at roughly the same rate as they did one month earlier, and less than 1% higher year-to-year.
However, total sales include a lot more "normal" sales than in recent months, causing, in part, a median sales price ($180,000) rise of 6% month-to-month and 13% year-to-year.
May's year-over-year increase was the second consecutive month with a double-digit annual increase in U.S. home prices, and the biggest annual increase since U.S. home prices bottomed out in March 2012.
In May U.S. distressed sales and short sales combined accounted for 14.3% of all residential sales—a drop from 15.6% of sales in April and down 15.9% in May 2013.
"Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges," says Daren Blomquist, vice president at RealtyTrac.
"When broken down by average price range, U.S. sales are clearly shifting away from the lower end," he says. "Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from a 45 percent a year ago to a 50 percent in May 2014."
Florida ranked fifth nationwide for a sales decline year-to-year (3%), though top-ranked California saw a 15% drop. Only one Florida city, Orlando, ranked in the top five for metro areas with declining sales, coming in at No. 3 with an 18% drop. No. 1 ranked Boston sale a 23% sales decline.
However, total sales include a lot more "normal" sales than in recent months, causing, in part, a median sales price ($180,000) rise of 6% month-to-month and 13% year-to-year.
May's year-over-year increase was the second consecutive month with a double-digit annual increase in U.S. home prices, and the biggest annual increase since U.S. home prices bottomed out in March 2012.
In May U.S. distressed sales and short sales combined accounted for 14.3% of all residential sales—a drop from 15.6% of sales in April and down 15.9% in May 2013.
"Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges," says Daren Blomquist, vice president at RealtyTrac.
"When broken down by average price range, U.S. sales are clearly shifting away from the lower end," he says. "Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from a 45 percent a year ago to a 50 percent in May 2014."
Florida ranked fifth nationwide for a sales decline year-to-year (3%), though top-ranked California saw a 15% drop. Only one Florida city, Orlando, ranked in the top five for metro areas with declining sales, coming in at No. 3 with an 18% drop. No. 1 ranked Boston sale a 23% sales decline.
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