Last week, the National Association of Realtors (NAR) released its report for existing homes sales for June, summarized as follows.
~Total sales (inclusive of single family dwellings, condominiums and co-ops) rose by 2.6% from the previous month but were down by 2.3% from June 2013.
~Housing inventory increased by 2.2% from the previous month and was 6.5% higher than in June of last year.
~The median sale price of $223,300 was up 4.3% from June of 2013.
~Sales of distressed homes accounted for 11% of June sales (8% were foreclosures and 3% short sales), down from 15% of sales in June of 2013. Foreclosure sales transferred at an average discount below market of 20% while short sales were reported to sell at an 11% discount.
~The percentage of first time buyers in June was 28% which is the average for the past year and significantly below historical norms.
~Properties sold faster for the sixth consecutive month (44 day median time on market) with short sales (120 days) and foreclosures (54 days) taking longer than non-distressed property sales (42 days).
Read the full report here.
For all your Residential and Commercial Real Estate Appraisal needs please contact: James M. Hanson Associates, Inc. Phone: (609) 884-9185 Email: Info@AppraiseNewJersey.com