Welcome!

News Feed Item

U.S. Median Home Price Appreciation Accelerates in April as Short Sales and Foreclosure Sales Slow

Median Prices up 11 Percent From Year Ago to Highest Level Since December 2008; Prices Have Surpassed Pre-Recession Levels in 19 Percent of Major Counties; Short Sales and Foreclosure Sales Combined Account for Lowest Share of Sales YTD

IRVINE, CA -- (Marketwired) -- 05/29/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its April 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,213,793 in April, a decrease of less than 1 percent from March but an increase of 4 percent from April 2013.

The median sales price of U.S. residential properties -- including both distressed and non-distressed sales -- was $172,000 in April, an increase of 4 percent from the previous month and an increase of 11 percent from April 2013 -- the biggest year-over-year increase since U.S. median prices bottomed out in March 2012.

"April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country," said Daren Blomquist, vice president at RealtyTrac. "Annualized sales volume nationwide decreased on a monthly basis for the sixth consecutive month and the 4 percent annual increase in April was the lowest year-over-year increase so far this year. Meanwhile median home prices nationwide increased to the highest level since December 2008.

"U.S. median home prices have now increased 21 percent since hitting bottom in March 2012, although they are still 28 percent below their pre-recession peak of $237,537 in August 2006," Blomquist continued. "There are a surprising number of markets, however, where median home prices have surpassed their previous peaks since the Great Recession ended in June 2009."

Median prices surpass pre-recession levels in 19 percent of major counties
Since the recession ended in June 2009, median prices of residential property have surpassed pre-recession and recession levels (Jan 2005 through June 2009) in 53 counties, representing 19 percent of the 274 counties with a population of 200,000 or more where sufficient home price data is available.

New home price peaks were reached in the last two years in 28 counties, representing 10 percent of the total 274 counties analyzed, and seven counties reached new home price peaks in April 2014: San Francisco County, Calif.; Travis County, Texas in the Austin metro area; Jefferson County, Colo., in the Denver metro area; Marion County, Ind., in the Indianapolis metro area; Weld County, Colo., in the Greeley metro area northeast of Denver; Brazoria County, Texas in the Houston metro area; and Norfolk City, Va., in the Virginia Beach metro area.

Counties where the post-recession median home price peak is furthest above the pre-recession/recession median home price peak included Denver County, Colo. (up 16.6 percent), District of Columbia (up 14.5 percent), Arlington, Va., (up 12.6 percent), San Francisco County, Calif. (up 11.8 percent), New York County, N.Y. (up 11.1 percent), and Oklahoma County, Oklahoma (up 10.2 percent).

"We are starting to exceed pre-recession levels in all categories of the market in Oklahoma," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. markets. 1"Home value appreciation continues to rise despite a continued lack of available inventory."

Sales volume decreases annually in 13 states, 28 of 50 largest metro areas
Annualized sales volume in April decreased from a year ago in 13 states and the District of Columbia, along with 28 of the nation's 50 largest metropolitan statistical areas.

States with decreasing sales volume from a year ago included California (down 13 percent), Nevada (down 9 percent), Arizona (down 8 percent), Florida (down 2 percent), Maryland (down 1 percent), and Michigan (down 1 percent).

Major metro areas with decreasing sales volume from a year ago included Fresno, Calif., (down 23 percent), Boston (down 22 percent), Orlando (down 18 percent), San Francisco (down 16 percent), Los Angeles (down 14 percent), and Phoenix (down 12 percent).

"We are seeing median sales prices increase throughout Southern California as affordable inventory clears out, pushing people into higher price points," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. "The rise in median price has offset the reduction in inventory to provide a stable overall market."

Home price appreciation continues to cool in some of last year's hottest markets
Nationwide median home prices in April increased 11 percent from a year ago -- the biggest year-over-year increase since U.S. median residential property prices bottomed out in March 2012. April marked the 25th consecutive month where U.S. median prices increased on an annual basis.

But home price appreciation continued to show signs of slowing in some of the fastest appreciating markets from a year ago. In Phoenix, median sales prices for residential property increased 9 percent annually, down from 30 percent annual price appreciation in April 2013 and the lowest annual price appreciation for the city since March 2012.

Denver median prices increased 6 percent annually in April, down from 16 percent annual price appreciation a year ago and the lowest annual price appreciation since April 2012; Jacksonville, Fla., median prices increased 4 percent annually in April, down from 17 percent annual price appreciation a year ago and the fourth consecutive month with single-digit annual price appreciation; Tampa, Fla., median prices increased 5 percent annually in April, down from 19 percent annual price appreciation a year ago and the second consecutive month with single-digit home price appreciation; and Tucson, Ariz., median prices increased 1 percent annually in April, down from 15 percent annual price appreciation a year ago and the eighth consecutive month with single-digit home price appreciation.

"Rising home prices in the Ohio market has helped return equity to many households throughout the state," said Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets. "Low inventory levels and the predicted increasing interest rates toward year end will create changes in housing affordability as we proceed into the second half of 2014."

Markets with strongest home price appreciation
Although home price appreciation showed signs of cooling in several coastal California markets including as Los Angeles, San Diego and San Francisco, inland California markets posted three of the top five annual increases in median prices in April among metropolitan areas with a population of 500,000 or more.

Topping the list was Modesto, Calif., with a 28 percent annual increase in median prices, followed by Stockton with a 24 percent annual increase. Riverside-San Bernardino-Ontario in Southern California posted a 20 percent annual increase in median home prices, third highest among metros nationwide, and Sacramento also posted a nearly 20 percent annual increase in home prices, the seventh highest nationwide.

Other cities among the top 10 for annual home price appreciation in April were Detroit (up 23 percent), Miami (up 20 percent), Atlanta (up 20 percent) and the Ohio cities of Dayton (up 20 percent) and Akron (up 18 percent). Columbus, Ohio also posted a double-digit percentage increase in median prices from a year ago, up 16 percent, and the three Ohio cities all saw accelerating annual home price appreciation compared to a year ago.

Distressed sales and short sales drop to lowest level year-to-date in April
Short sales and distressed sales -- in foreclosure or bank-owned -- accounted for 15.6 percent of all sales in April, down from 16.5 percent of all sales in March, and down from 17.2 percent of all sales in April 2013.

Metro areas with the highest share of combined short sales and distressed sales were Las Vegas (37.7 percent), Stockton, Calif., (33.3 percent), Modesto, Calif., (31.7 percent), Lakeland, Fla., (31.4 percent), Orlando, Fla. (29.3 percent), and Cleveland (27.8 percent).

Short sales nationwide accounted for 5.2 percent of all sales in April, down from 5.5 percent of all sales in March and down from 6.3 percent of all sales in April 2013. Metros with the highest percentage of short sales in April were Orlando, Fla., (14.8 percent), Lakeland, Fla., (14.5 percent), Tampa, Fla., (13.9 percent), Palm Bay, Fla., (13.2 percent), and Las Vegas (11.5 percent).

Sales of bank-owned (REO) properties nationwide accounted for 9.2 percent of all sales in April, down from 9.7 percent of all sales in March and down from 10.0 percent of all sales in April 2013. Metros with the highest percentage of REO sales in April were Modesto, Calif., (25.7 percent), Stockton, Calif., (25.6 percent), Las Vegas (23.0 percent), Akron, Ohio (22.3 percent), Dayton, Ohio (20.6 percent), and the Riverside-San Bernardino-Ontario metro area in Southern California (19.9 percent).

Sales at the public foreclosure auction accounted for 1.2 percent of all sales nationwide in April, down from 1.3 percent of all sales in March, but still up from 0.8 percent of all sales in April 2013. Metros with the highest percentage of foreclosure auction sales in April included Lakeland, Fla., (5.0 percent), Orlando, Fla., (4.9 percent), Atlanta (3.6 percent), Miami (3.5 percent), Las Vegas (3.2 percent), and Jacksonville, Fla., (3.2 percent).

Report methodology
The RealtyTrac U.S. Residential & Foreclosure Sales Report provides counts and median prices for sales of residential properties nationwide, by state and metropolitan statistical areas with a population of 500,000 or more. Data is also available at the county level upon request. The report also provides a breakdown of short sales, bank-owned sales and foreclosure auction sales to third parties. The data is derived from recorded sales deeds and loan data, which is used to determine cash sales and short sales. Sales counts for recent months are projected based on seasonality and expected number of sales records for those months that are not yet available from public record sources but will be in the future given historical patterns. Statistics for previous months are revised when each new monthly report is issued as more deed data becomes available for those previous months.

Definitions
Residential property sales: sales of single family homes, condominiums/townhomes, and co-ops, not including multi-family properties.

Annualized sales: an annualized estimate of the number of residential property sales based on the actual number of sales deeds received for the month, accounting for expected sales records for that month that will be received in future months as well as seasonality.

Distressed sales: sale of a residential property that is actively in the foreclosure process or bank-owned when the sale is recorded.

Distressed discount: percentage difference between the median price of distressed sales and a non-distressed sales in a given geographic area.

Bank-Owned sales: sales of residential properties that have been foreclosed on and are owned by the foreclosing lender (bank).

Short sales: sales of residential properties where the sale price is below the combined total of outstanding mortgages secured by the property.

Foreclosure Auction sales: sale of a property at the public foreclosure auction to a third party buyer that is not the foreclosing lender.

Report License
The RealtyTrac U.S. Residential & Foreclosure Sales report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information contact our Data Licensing Department at 800.462.5193 or [email protected].

About RealtyTrac
RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by many federal government agencies, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

Embedded Video Available

Embedded Video Available: http://www2.marketwire.com/mw/frame_mw?attachid=2604344

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.