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IRVINE, CA—US residential properties, including single-family homes, condominiums and townhomes, sold at an estimated annual pace of nearly 5.2 million in May, a number that is virtually the same as April and representing an increase of less than 1% from May 2013, according to a report from RealtyTrac. However, median home prices increased 6% in May as compared to April and rose 13% from May 2013, representing the biggest annual increase since US home prices bottomed out in March 2012.
According to Daren Blomquist, VP of RealtyTrac, “When broken down by average price range, US sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50% of all sales in May, but that was down from a 55% share a year ago. Meanwhile, the share of homes selling above $200,000 increased from a 45% a year ago to a 50% in May 2014.”
The median sales price of US residential properties—including both distressed and non-distressed sales—was $180,000, according to the report. Sales prices in every price range above $200,000 analyzed in the report increased as a share of total sales, both from the previous month and from a year ago, with the increase generally higher in the higher price ranges. The share of home sales in the $200,000 to $300,000 price range increased 2% from the previous month and was up 6% from a year ago, but the share of home sales in all price ranges above $750,000 was up more than 20% from a year ago. Meanwhile, the share of home sales decreased from a year ago in all price ranges below $200,000, with bigger decreases corresponding to lower price ranges. The share of homes priced between $100,000 and $200,000 decreased 5% from a year ago, while the share of homes between $50,000 and $100,000 decreased 13% and the share of homes priced below $50,000 (often highly distressed homes) decreased 22% from a year ago.
As GlobeSt.com reported last week, RealtyTrac has launched a mobile app specifically for use on an Apple iPhone or iPad. The new app gives users the ability to view detailed real estate information on virtually any residential property, which is available on the data source's website, including foreclosure status and details, estimated market value, property characteristics, property taxes, sales history, open loans and equity.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
