October 2nd, 2013 7:13 PM by Eileen Denhard
The national median sales price in August was $175,000, up 3 percent from the previous month and up 6 percent from a year ago. This marks the 17th straight month that median home prices have increased annually nationwide. Meanwhile, the median price of a distressed property, either in foreclosure or bank owned, was $116,000 in August, up 1 percent from July but down 3 percent from August 2012.
RealtyTrac attributes the recovery in home prices and sales volume to cash buyers and institutional investors, which represented 45 percent and 10 percent, respectively, of all residential sales in August. Short sales accounted for 15 percent of all home sales, while bank-owned properties represented 10 percent.By Regina Ludes, Thursday, 26 September 2013 - 1:44pm