US median real estate sales prices continues its high streak for 24 months straight
Latest figures show that median sales price of residential properties in the country are up 1% in March and 10% more than last year. Median price of a home approached $164,500 with after 24 months straight of median home prices bouncing up on a yearly basis.
The housing market experienced a slow down during the fall and winter months but showed signs of life in March. Home prices jumped on a monthly basis after six consecutive months of decline, and increased on an annual basis, hitting its biggest percentage since March 2012.
March and February also experienced a slight bump on the sales volume, with 0.4%, up 8% from last year after four monthly decline.
Distressed share of sales also increased from the fourth to first quarter nationwide while non-distressed homeowners regained enough equity to put their homes up for sale, helping the low inventory conditions in some markets in the country.
However, despite the increase in sales volume of residential properties nationwide, sales volume in March decreased from last year in some states of the country, including 21 of the nation’s largest metropolitans.
These states included Rhode Island, Massachusetts, Nevada, Arizona, Connecticut, and California.
During the first quarter of 2014, 16.4% of all sales were short sales and distressed sales. This was up 14.5% from the previous quarter but still down from 18.5% in the same quarter of last year. Las Vegas, Stockton, Detroit, Cleveland, and Dayton accounted for the highest combined short sales and distressed sales.