Short Sales Opportunities Fueling Housing

real estate sales pricesAccording to RealtyTrac, in October 2014, U.S. single family homes were selling at a median price of $193,000.  This figure is up 2% from September 2014 and up 16% from October 2013. Short sales and distressed sales accounted for 13.8% of all residential sales, which was up from 13.7% in September 2014.  During 2014, of all single family homes purchased, more than 32% were non-owner occupied, which is the highest percentage of investor purchases since 2001.

New Jersey, Illinois, and Ohio are amongst states that saw an increase in short sales during October 2014 compared to a year ago.

  • New Jersey (up to 7.1% compared to 4.6%)
  • Illinois (up to 9.9% compared to 6.6%)
  • Ohio (up to 5.4% compared to 4.7%)

RealtyTrac’s Vice President Daren Blomquist reported that the U.S. recovery is being driven by real estate investors.  It was stated that metro areas with a population of 500,000 or more that had an annual increase in median sales price included:

  • Columbus, OH ($147,000 – up 14%)
  • Charlotte-Gastonia-Concord, NC-SC ($164,000 – up 10%)
  • Nashville-Davidson–Murfreesboro–Franklin, TN ($170,000 – up 13%)
  • Cincinnati-Middletown, OH-KY-IN ($127,000 – up 15%)
  • Cleveland-Elyria-Mentor, OH ($114,900 – up 21%)
  • Toledo, OH ($100,000 – up 33%)
  • Dayton, OH ($100,000 – up 20%)
  • Akron, OH ($114,000 – up 17%)
  • Lancaster, PA ($169,900 – up 11%)

What do you predict will happen for real estate sales for the last months of 2014?

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