Residential properties sold at an estimated annual pace of 5,213,793 in April, a decrease of less than 1% from March but an increase of 4% from April 2013, according to RealtyTrac.
The median sales price of U.S. residential properties — including both distressed and non-distressed sales — was $172,000 in April, an increase of 4% from the previous month and an increase of 11% from April 2014 — the biggest year-over-year increase since U.S. median prices bottomed out in March 2012.
“April home sales numbers are exhibiting the continued effects of low supply and still-strong demand that exist in many markets across the country,” said Daren Blomquist, vice president at RealtyTrac. “Annualized sales volume nationwide decreased on a monthly basis for the sixth consecutive month and the 4% annual increase in April was the lowest year-over-year increase so far this year. Meanwhile median home prices nationwide increased to the highest level since December 2008.
“U.S. median home prices have now increased 21% since hitting bottom in March 2012, although they are still 28% below their pre-recession peak of $237,537 in August 2006,” Blomquist continued. “There are a surprising number of markets, however, where median home prices have surpassed their previous peaks since the Great Recession ended in June 2009.”
Home price appreciation continues to cool in some of last year’s hottest markets
Nationwide median home prices in April increased 11% from a year ago — the biggest year-over-year increase since U.S. median residential property prices bottomed out in March 2012. April marked the 25th consecutive month where U.S. median prices increased on an annual basis.
But home price appreciation continued to show signs of slowing in some fastest appreciating markets from a year ago. In Phoenix, median sales prices for residential property increased 9% annually, down from 30% annual price appreciation in April 2013 and the lowest annual price appreciation for the city since March 2012.
Denver median prices increased 6% annually in April, down from 16% annual price appreciation a year ago and the lowest annual price appreciation since April 2012; Jacksonville, Fla., median prices increased 4% annually in April, down from 17% annual price appreciation a year ago and the fourth consecutive month with single-digit annual price appreciation; Tampa, Fla., median prices increased 5% annually in April, down from 19% annual price appreciation a year ago and the second consecutive month with single-digit home price appreciation; and Tucson, Ariz., median prices increased 1% annually in April, down from 15% annual price appreciation a year ago and the eighth consecutive month with single-digit home price appreciation.