Lower Foreclosure Rate Aiding in Increase in Median Sales Price

MAAR reports that reduction of distressed properties is aiding in increase in median price of homes sold.

“The lowest price point of the market is evaporating. As a result, the median sales price for the metro rose 7.6 percent to $190,000, marking 25 straight months of year-over-year price gains. Last March, foreclosures and short sales made up 25.2 percent of all new listings. This March, they made up just 13.3 percent. For closed sales, the number fell from 37.6 to 26.6 percent.”