Let’s take another look at what share of the monthly sales are being distressed sales—bank-owned and short sales. In May 2012 12.9% of the sales of single-family homes in King County were bank-owned. In May 2013 that number was just 6.4%.
We’re still a little bit above the low of 5.7% set in November, but well below where we were 2011 through early 2012.
Short sales tumbled dramatically in the month, falling from 9.3% in April to 2.4% in May. A year ago 9.6% of sales in the county were short sales.
The total percentage of sales that were distressed in May was at 8.8%, the lowest point since November 2008.
Later this week we’ll take a look at how the median prices are moving for bank-owned homes, short sales, and non-distressed sales.