RealtyTrac today released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up 2 percent from the 5.5 million pace in July and up 12 percent from the 5.0 million pace in August 2012.
The national median sales price in August was $175,000, up 3 percent from the previous month and up 6 percent from a year ago — the 17th consecutive month where median home prices have increased annually nationwide.
Sales volume in the Chicago-Naperville-Joliet metro area increased 5% month-over-month and 30% year-over-year. The median sales price rose 13% year-over-year to $192,000. Institutional investors accounted for 10% of local sales and 47% of sales were all cash. Short sales and bank-owned sales, which have received little attention of late, accounted for 19% and 15%, respectively, of August sales in the metro area.
Chicago lagged a number of other large metro areas in price increases. San Francisco and Sacramento, for example, saw median prices rise 35% year-over-year in August.
- Metro Chicago home prices, sales volume up and days-on-market down
- Metro Chicago condo sales surged in May, highest since 2006
- Metro Chicago home sales leap 26% in first quarter
- RealtyTrac reports foreclosure inventory up 33% in Illinois year-over-year
- Chicago sales up 27%, median price up 10% year-over-year