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Sales in US down 12% in the past year but prices still rising

According to RealtyTrac’s July 2014 US Residential & Foreclosure Sales Report, residential properties sold at an estimated annual pace of 4,634,513 in July, down 3% from the previous month and down 12% from a year ago. This was the third consecutive month that annualised sales volumes decreased on an annual basis.

The median price of US residential properties sold in July - including both distressed and non-distressed sales - was $191,000, up 3% from the previous month, and up 12% from a year ago to the highest level since September 2008.

“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. He added: “The nationwide home price increase, however, masks slowing home price appreciation in the majority of housing markets across the country. 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.”

States with the biggest annual increase in median sales prices were Michigan (+24%), Ohio (+20%), Virginia (+20%), Minnesota (+14%), and New York (+13%).

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