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RealtyTrac: Expensive properties more popular in August

Posted on Monday, September 29, 2014 at 8:06:46 AM

When it comes time to use that residential financing and choose the perfect home, it appears that more homebuyers are leaning toward expensive properties, based on information from a RealtyTrac report.

Recent sales of homes worth $200,000 or less dropped 9 percent on a yearly basis this August, RealtyTrac noted. On the other hand, sales of homes worth $200,000 or more increased 10 percent during that time. This trend has also contributed to a higher median sales price, now at $195,000 in August, up 3 percent compared to July.

"Higher-end properties are taking up a bigger share of a smaller home sales pie, boosting the median home price nationwide higher even as home price appreciation slows to single digits in many of last year's red-hot local housing markets," said Daren Blomquist, vice president at RealtyTrac.

Overall, the number of home sales is on the way up, and many economists and housing market experts are pleased with the current direction. 

Diane Swonk, chief economist at Mesirow Financial, told Reuters that more homes sold come as welcome news, even though the housing market still has some ground to make up during its recovery.