Home prices continue to climb on the national housing market, according to the most recent reports.
Real estate data specialist RealtyTrac recently revealed that property prices across the country are up 5 percent year-over-year.
Meanwhile, home sales are up 8 percent.
And the news just keeps getting better for national home sellers, as well as for home sellers in Plymouth, Canton, and Northville Michigan!
More Information on Recent National Housing Market Activity
RealtyTrac recently released a report that offered some encouraging figures for interested home sellers:
- The national median sales price was $168,000 in June, up 3 percent from the month before.
- Existing home prices in the country have increased by 13.5 percent in the last 12 months.
- The median price of a distressed sale (or a property in foreclosure or bank owned) was $120,000, about 24 percent below the median price of a non-distressed home.
- Those markets that saw sales increase in June tended to be those states where there was a lingering distressed home inventory.
- Meanwhile, those markets that saw sales decrease tended to be those in which the majority of the distressed home inventory had already been absorbed.
- Cash-only home purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in May.
- Metropolitan areas with the highest percentages of cash sales were: Cape Coral-Fort Myers in Florida (70 percent), Miami (64 percent), Las Vegas (62 percent), Sarasota in Florida (59 percent) Tampa (58 percent) and Detroit (56 percent).
- Sale of bank-owned properties made up 9 percent of all residential sales in June, down from 10 percent in May 2013.
- Those top metro areas where bank-owned sales accounted for higher percentages of total sales were Detroit (24 percent), Modesto, California (24 percent), Stockton in California (24 percent), Las Vegas (22 percent) and Akron, Ohio (21 percent).
- Short sales accounted for 14 percent of all residential sales in June, up from 8 percent in June 2012. Although it was also down from 15 percent in May 2013. Those states with the highest percentage of short sales in June were Nevada (30 percent), Florida (29 percent), Maryland (21 percent), Tennessee (19 percent), and Arizona (19 percent).
- Those metro areas with annual increases in median prices of 20 percent or more were: Sacramento (35 percent), San Francisco (30 percent), Los Angeles (27 percent), Las Vegas (26 percent) and Phoenix (25 percent).
- Those states with the largest distressed sale discount were Ohio (58 percent), Michigan (48 percent), Illinois (47 percent), Massachusetts (46 percent) and Wisconsin (45 percent).
Keeping Our Eye on National Housing Market Trends
Just consider us your Plymouth, Canton, and Northville real estate market experts! The Bittinger Team has served the real estate needs of southeast Michigan since 1983!
As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.
Check in with us for more!
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