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U.S. Home Prices on the Rise

National real estate trendsHome 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!

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 real estate market experts!

As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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