Residential home sales, including single-family homes, condominiums and townhomes, continue to rise, the latest RealtyTrac Residential and Foreclosure Sales Report revealed.
Home sales have increased to an estimated annualized pace of 5.649 million in October, a 2% hike from a month ago and an increase of 13% from October 2012.
The national median sales price of all residential properties—including both distressed and non-distressed, is unchanged from September, but 6% higher than October 2012. This is also the 18th consecutive month median home sales have increased on an annualized basis.
“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist, vice president of RealtyTrac.
The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers, short sales are becoming less favorable for lenders.