Home prices hover at 6-year high

by Ryan Smith28 Aug 2014
Home price appreciation has slowed down in 65% of U.S. markets, according to a new study.

Prices still rose in July, according to a study released today by RealtyTrac. The median price for U.S. residential properties – including distressed sales – was $191,000. That’s up 3% from June and 12% higher than July of last year, rising to the highest level since September 2008.

Home sales are also edging toward the expensive side. Sales of homes in the $200,000 and below range accounted for 49% of July sales, down from 52% a year ago. Homes above $200,000 accounted for 51% of all sales in July.

“As distressed sales continue to decline, the share of sales is tilting toward more expensive homes, boosting the nationwide median sales price,” said Daren Blomquist, vice president of RealtyTrac. “The nationwide home price increase, however, masks slowing home price appreciation in the majority of housing markets across the country. This slowing appreciation was expected and provides another sign that the real estate recovery thus far is behaving rationally. Still, the housing market is entering a dicey transition phase where it is becoming much more reliant on first-time homebuyers and move-up buyers to sustain the recovery as investor involvement wanes.”

Sales of U.S. residential properties were down, falling to an estimated annual pace of 4,634,513 in July. That’s down 3% from June and up 12% from July of 2013.


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