The median sales price of California residential properties – including sales of distressed properties –was $375,000 in November, down 1 percent from October but a 9 percent spike over November 2013, according to Irvine-based RealtyTrac.
Four California metro areas were among the top 10 nationwide in percentage of short sales/distressed residential property sales in November: Stockton (No. 2 with 27.6 percent), Modesto (No. 5, 25.1 percent), Bakersfield (No. 6, 24.3 percent) and Riverside/San Bernardino/Ontario (No. 9, 22.7 percent).
Significantly, however, all four areas saw year-over-year decreases in short sales and sales of distressed properties.
That reflected a national trend. RealtyTrac said the two categories combined accounted for 12.6 percent of all U.S. residential property sales in November, down from 14.8 percent in November 2013.
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RealtyTrac said the median sales price of U.S. single-family homes and condos in November was $190,000, up 15 percent over the same month in 2013. The median sales price of distressed homes – those in the foreclosure process or bank-owned – was $128,625, the highest since December 2009.
“As the price of distressed properties reaches a new high, the pool of investor activity that has been fueling the housing recovery may dry up,” Daren Blomquist, RealtyTrac vice president, said in a statement accompanying the release of November figures.
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