A fragile economic recovery, high unemployment and tight loan conditions have kept demand far below the large amount of homes available on the market. The glut of inventory - and more is coming with fresh foreclosures - is one of the biggest challenges for the housing market.
"With the amount of inventory we have left, it tells me in the best-case scenario we're probably looking at 2014 before we start to see home price appreciation on a national basis," said Rick Sharga, senior vice president at RealtyTrac.
House prices fell in the first quarter. Prices averaged $168,321, down 1.9 percent from the previous quarter. Prices were 26.7 percent below the average price of properties not in foreclosure, in line with the quarter before.
Nevada had the highest percentage of distressed sales, amounting to 53.3 percent of all sales, slightly down from nearly 54 percent the previous quarter.
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