Residential properties sold at an estimated annual pace of 5,167,255 in December, according to RealtyTrac’s
December and Year-End 2013 U.S. Residential Sales & Foreclosure Report. That’s an increase of a little under 1% from November and a 10% increase from December of 2012.
Annualized sales volumes countered the national trend in 18 of the nation’s 50 largest metropolitan areas by dropping from a year ago, and were also down in five states: California, Arizona, Nevada and Oregon. The median sales price of residential properties remained relatively steady at $168,391, according to RealtyTrac.
Sales of bank-owned properties were up, accounting for 9.3% of all residential sales in December, according to RealtyTrac. Short sales also rose, accounting for 5.7% of all residential sales for the month.
“It may surprise some to see distressed sales rising in 2013 given that new foreclosure activity dropped to a seven-year low for the year,” said Daren Blomquist, vice president at RealtyTrac. “And while short sale
s did trend lower in the second half of the year, there are still more than 1.2 million properties in the foreclosure process or bank-owned, providing a sizable pool of inventory that the housing market is in the process of absorbing. Meanwhile, non-distressed sellers have not listed their homes for sale in droves, helping to keep the distressed share of sales at a stubbornly high level.”
Short sales and foreclosure sales accounted for about 16% of all U.S. residential sales in 2013, according to data released today. That’s up from 14.5% of all sales in 2012 and 15.2% of all sales in 2011.