Investors dominate home sales in February

Home sales across the country continued to be driven by investors, who made up nearly a quarter of property sales during the month of February, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

According to the survey, investors' share of purchases jumped to 23.5 percent, up from less than 20 percent just two months earlier. All-cash purchases also hit a record high, making up 33.7 percent of sales.

"We are seeing investors come back into the market," said one agent in New Jersey. "One investor told me that one house he wanted came on Wednesday p.m. and had 9 offers by Thursday a.m."

The report added that it saw a drop in distressed properties being sold during the month, as its Distressed Property Index slid from 49.6 percent to 47.3 percent. But the survey found the drop was more likely caused by continuing paperwork issues, and not an improvement in the market.

The wealth of foreclosures on the market has dropped prices on those distressed properties. The Houston Association of Realtors says in February the median price of Houston foreclosures had dropped 8.1 percent over the previous year.

Courtesy of 2M Realty News