Sellers Turn to Auctions
As Houses Sit in Cooling Market

Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)

More home sellers try residential auctions

As the housing market cools and selling a house gets harder, more homeowners are turning to residential auctions to sell their property, says an article published by South Florida Sun Sentinel. Only about 6% of real-estate sales were accomplished through auction in 2004, but in 2010, that percentage could swell to 30%, the paper says. Auction home sales rose 24% between 2003 and 2005, according to an article published by the Los Angeles Times. The Los Angeles Times says the Internet has fueled much of the growth, particularly eBay. The article suggests inspecting a home before bidding on it at auction, using caution when considering a foreclosure auction property and using both live and online auctions to find available properties.

Buyers' market in Greater Cincinnati and Northern Kentucky

The market has shifted in favor of buyers in Greater Cincinnati and Northern Kentucky, according to an article published by The Enquirer. The number of residential properties up for sale jumped 27% in June from the year before in Greater Cincinnati, the paper says. In Northern Kentucky, the increase was 10%, the article says. Home sales fell 1.3% in June from the year before, making it the second straight month of price drops, the paper says. In response to cooling sales, home builders are offering buyers incentives, and home sellers are lowering asking prices, The Enquirer says. The first three months of this year, median home prices in Southwest Ohio, Northern Kentucky and Southwest Indiana declined 1.4% from the same period a year earlier, the article says.

Prices slip around Washington, D.C.

For the first time in five years, median home prices have dropped over the last 12 months in and around Washington, D.C., says the Washington Post. Last month's declines are slight -- just about 1% -- but these changes may indicate a weakening housing market, the paper says. Still, the article says median-price increases were seen in some metro areas, including within the District and in Maryland's Prince George's County. Areas that saw price declines all have increasing numbers of homes on the market, cooling sales and plenty of newly built properties available, the paper says.

Sales slide, but prices down little in Massachusetts

A dramatic slide in housing sales in Massachusetts has not been met with a drop in median home prices, according to an article by The Boston Globe. While sales of single-family homes declined 16.6% and condo sales fell 14.3% in June, median prices for both condos and single-family homes only decreased by about 1% from the year before, the paper says. Prices aren't showing huge declines because of home sellers' unwillingness to lower expectations -- Massachusetts home prices appreciated 80% between 2000 and 2005, the paper says, and homeowners are hoping to hold on to these gains.

Beachcombing for bargains in Florida

The slowing residential market has buyers in Florida's Flagler and Volusia counties searching for housing bargains, says the Daytona Beach News-Journal. These buyers may be in luck, the paper says, as the number of homes sold in the area dropped 39% in June from the year before. Inventory is also up as sellers angle to get the most money for their homes, the paper says. Yet, despite the sales decline, the median existing-home price increased last month from $208,700 from June 2004 to $221,300 last month, the Daytona Beach News-Journal says, a rise of almost 5.7%.

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