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RealtyTrac reports sales, prices rose in Chicago metro area

by Joe Zekas on 9/26/13

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.

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