Distessed us properties make up fewer sales in third quarter

Short sales and distressed sales — in foreclosure or bank-owned — accounted for 12.7 per cent of all sales in the third quarter, down from 14.2 per cent in the previous quarter and down from 14.5 per cent in the third quarter of 2013 to the lowest level since RealtyTrac began tracking short sales and distressed sales combined in the first quarter of 2011.

The median sales price of a distressed residential property — in foreclosure or bank-owned when sold — was $130,000 nationwide in September, 37 per cent below the median non-distressed sales price of $205,000.

Median home prices increased less than 10 per cent from a year ago in 59 of the 102 metropolitan statistical areas with a population of 500,000 or more tracked in the report.

“Median home prices nationally in September were boosted by a new low in the share of distressed sales during the third quarter, resulting in fewer home sales on the lower end,” said Daren Blomquist, vice president of RealtyTrac. “The share of homes selling above $200,000 is up 7 per cent from a year ago, and the share of homes selling above $500,000 is up 15 per cent from a year ago."