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Home prices continue to climb on the national housing market, according to the most recent reports.
Real estate data specialistrecently revealed that property prices across the country are up 5 percent year-over-year.
Meanwhile, home sales are up 8 percent.
And the news just keeps getting better for national home sellers!
More Information on Recent National Housing Market Activity
RealtyTrac recently released a report that offered some encouraging figures for interested home sellers:
- The national median sales price was $168,000 in June, up 3 percent from the month before.
- Existing home prices in the country have increased by 13.5 percent in the last 12 months.
- The median price of a distressed sale (or a property in foreclosure or bank owned) was $120,000, about 24 percent below the median price of a non-distressed home.
- Those markets that saw sales increase in June tended to be those states where there was a lingering distressed home inventory.
- Meanwhile, those markets that saw sales decrease tended to be those in which the majority of the distressed home inventory had already been absorbed.
- Cash-only home purchases accounted for 30 percent of all sales in June, down from 31 percent of all sales in May.
- Metropolitan areas with the highest percentages of cash sales were: Cape Coral-Fort Myers in Florida (70 percent), Miami (64 percent), Las Vegas (62 percent), Sarasota in Florida (59 percent) Tampa (58 percent) and Detroit (56 percent).
- Sale of bank-owned properties made up 9 percent of all residential sales in June, down from 10 percent in May 2013.
- Those top metro areas where bank-owned sales accounted for higher percentages of total sales were Detroit (24 percent), Modesto, California (24 percent), Stockton in California (24 percent), Las Vegas (22 percent) and Akron, Ohio (21 percent).
- Short sales accounted for 14 percent of all residential sales in June, up from 8 percent in June 2012. Although it was also down from 15 percent in May 2013. Those states with the highest percentage of short sales in June were Nevada (30 percent), Florida (29 percent), Maryland (21 percent), Tennessee (19 percent), and Arizona (19 percent).
- Those metro areas with annual increases in median prices of 20 percent or more were: Sacramento (35 percent), San Francisco (30 percent), Los Angeles (27 percent), Las Vegas (26 percent) and Phoenix (25 percent).
- Those states with the largest distressed sale discount were Ohio (58 percent), Michigan (48 percent), Illinois (47 percent), Massachusetts (46 percent) and Wisconsin (45 percent).
What About Barrington Home Values?
There’s a lot of data for real estate activity around the country but most of my readers are local, and local is what matters most to Barrington home owners. It’s important to know that while our market is certainly much more active, no doubt spurred on by low mortgage rates, job security confidence, and an understanding of a recovering economy; we don’t expect property values to rise in Barrington much more than 2% to 3% in a year.
So keep mildly optimistic and remember real estate is very local.
Keeping Our Eye on National Housing Market Trends
Just consider us your real estate market experts!
As more develops on the market, we’ll keep you posted on those trends and how they may affect home sellers.
Barrington IL Real Estate Experts
If you are considering selling your Barrington IL home, we have 9 years of experience in the market, we are residents of 16 years, have developed cutting edge online marketing systems for today’s competitive real estate market and we sell all price ranges and property types.
The first step in the selling process is to learn your goals and make sure we are a good match. We’ll provide a quick home price estimate or an in-depth CMA, comparative market analysis depending on how far along you are in the decision making process. We have a comprehensive online marketing plan to get your Barrington IL home in front of as many buyers as possible to get it sold.
Property Presentation is Key
If you choose to list with us we’ll do a comprehensive walk through of your property and make suggestions to help remove any buyer objections. Staging can be done using your own furniture. Generally though you should think about de-cluttering.
You might like to see how our aerial photography can really showcase your home. We also provide walk through videos and for properties with considerable acreage or unusual exterior features, our videography is just what you need.
Please give us a call today at 847.363.3686, or fill out the, and let us know how we can best serve your Barrington IL real estate needs!
Corinne Guest, REALTOR®
Barrington Realty Company
Cell Phone: 847.363.3686