Existing Home Sales Reports from the National Association of Realtors (NAR) show that year-over-year sales have been down four of the last five months.
Taking a closer look at the data the report reveals an interesting situation: sales of non-distressed properties are actually up.
In January 2013, 23% of the 4.87M sales were distressed properties (foreclosures and short sales) meaning 3.75M non-distressed properties were sold.
In January 2014, 15% of the 4.62M sales were distressed properties. That means 3.93M non-distressed properties sold - an increase of 180,000 sales.
From NAR’s research, we also see that homes at the higher price points are selling at greater increases than the lower price points.
The report shows evidence that the housing market is still doing quite well when distressed sale are removed from the equation.
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2014 Home Sales: Increasing or Decreasing