While much of the focus the last few years has been on foreclosures and short sales, some experts say it’s caused some to overlook what’s been happening lately with nondistressed sales.
Some housing surveys have recently shown that when distressed sales are excluded from the picture, the market share of nondistressed homes is at its highest level since August 2008. From January to June, nondistressed sales were up 15 percent year-over-year, according to CoreLogic.
Shrinking inventories of homes for sale and strengthening housing demand from home buyers has helped boost home prices. Home prices have increased 2 percent in June over May, when excluding distressed sales, according to the National Association of REALTORS®. Also, surveys have recently shown that nondistressed listings are staying on the market a lower number of weeks — averaging 11.7 weeks in June compared to 12.7 weeks in May, according to HousingPulse.
Source: “‘Normal’ Home Sales Soar Despite Obstacles,”RISMedia (Aug. 13, 2012)