Homes Sales and Home Prices Both Slightly up in March
A RealTrac report called March and Q1 2014 Residential & Foreclosure Sales Report shows home sales registered a growth of 0.4 percent compared to February or a 8 percent increase compared to March 2013. It is important to note that the figures show sales of all homes. New home sales alone actually saw a sharp decrease of 14.5 percent compared to the previous month or a 13.3 percent year-over-year decrease.
According to Daren Blomquist, RealTrac’s vice president, this uptick can be attributed to the increase in median home prices, the first one in sixth months, which also comprises the biggest annual increase since March 2012 when they hit bottom. Home prices in March grew by 1 percent from February or 10 percent from the same month last year.
After four consequtive months of declines, sales volume is also up, “but both annual sales volume and median prices are still below their recent peaks in October and August respectively.”, Blomquist adds.
Read the full article in Housing Wire.