By Dow Jones Business News,
December 20, 2013, 12:15:00 AM EDT
By Anna Prior
U.S. residential-property sales climbed 10% in November from a year earlier, as cash purchases and purchases by
institutional investors continued to drive the housing market recovery, according to market researcher RealtyTrac.
U.S. residential sales sold at an estimated annualized pace of 5.15 million last month, up less than 1% from the prior
month, RealtyTrac reported.
The national median sales price in November totaled $169,000, up 7% from a year earlier and up 1% from the previous
month. The median price of a distressed residential property--in foreclosure or bank-owned--last month was $110,500,
which was 39% below the median price of $181,500 for a non-distressed residential property.
RealtyTrac Vice President Daren Blomquist noted that the housing market recovery continued to be driven by investors
and other cash purchasers in November, adding that lenders are taking advantage of the environment to unload more of
their bank-owned inventory and in-foreclosure inventory at the foreclosure auction.
All-cash purchases made up 42% of all residential sales last month, compared with 38.8% in October and also up from a
year ago to the highest level since RealtyTrac began tracking all-cash purchases in January 2011. Institutional
investors, or investors purchasing 10 or more properties in the last year, represented 7.7% of all sales in November,
compared with 6.3% a year ago and 7.1% in October.
Short sales accounted for 5.6% of all U.S. residential sales in November, down from 6.5% a year earlier and up from
5.4% in October. Sales of bank-owned homes made up 10% of all sales last month, compared with 9.4% a year earlier and
9.1% in October.
Write to Anna Prior at firstname.lastname@example.org
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