Sales of homes for at least $500,000 jumped 36 percent in March from February, outpacing the total sales increase of 28.1 percent for those months, DataQuick said.
DataQuick said about half of the purchases of existing homes were distressed sales. Homes that were foreclosed upon in the previous year made up 31.1 percent of existing home sales. Short sales – where the seller owes more than the purchase price – accounted for 18.9 percent.
Absentee buyers – largely investors and second-home purchasers – continued to drive the recovery, buying 28 percent of all homes.