Fewer Distressed Sales, Higher Median Price
2015-04-21
According to the National Association of Realtors, distressed homes- foreclosures and short sales - increased slightly in September to 10 percent from 8 percent in August, but are down from 14 percent a year ago. Seven percent of September sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 14 percent below market value in September (same as in August), while short sales were discounted 14 percent (10 percent in August).
According to NAR President Steve Brown, fewer distressed sales is good news for appraisers. "An appraisal is an important part of the home buying and selling process," he said. "With foreclosures and short sales falling closer to average levels, appraisers will have fewer distressed sales in their list of comparable when determining home valuations."
Properties typically stayed on the market in September longer (56 days) than last month (53 days) and a year ago (50 days). Short sales were on the market for a median of 116 days in September, while foreclosures sold in 59 days. Thirty-five percent of homes sold in September were on the market for less than a month.
Single-family home sales rose 2.0 percent to a seasonally adjusted annual rate of 4.56 million in September from 4.47 million in August. The median existing single-family home price was $210,300 in September, up 5.9 percent from September 2013.
Existing condominium and co-op sales increased 5.2 percent to a seasonally adjusted annual rate of 610,000 units in September from 580,000 in August. The median existing condo price was $205,200 in September, which is 3.2 percent higher than a year ago.
Regionally, September existing-home sales in the Northeast climbed 1.5 percent. The median price in the Northeast was $249,800, which is 4.8 percent higher than a year ago.
In the Midwest, existing-home sales declined 5.6 percent in September. The median price in the Midwest was $165,100, up 4.9 percent from a year ago.
Existing-home sales in the South increased 5.0 percent in September. The median price in the South was $180,900, up 5.1 percent from a year ago.
Existing-home sales in the West jumped 7.1 percent in September. The median price in the West was $294,200, which is 4.0 percent above September 2013.
- *E-mail：
- *Cel：
- *Password：
