Sales of existing homes continued to decline last week according to the National Home Sales Snapshot released by DataQuick while home values saw their first increase in eight weeks.
There were 232,856 properties sold over the previous thirty-day rolling period ending October 7th, down 1.8 percent from the previous week’s total of 237,074 sold properties and 6.9 percent lower than the 250,006 properties sold four weeks ago.
Sales volume was 13.7 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of this year.
Last week’s home sales volume was still 11.6 percent higher than the 208,722 homes sold during the same period a year ago and was 41.7 percent higher than during the same period three years ago when 164,327 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $1,000 to $220,000 after falling by $1,000 the week before. Four weeks ago the median home price was $225,000. It was the first increase in home values since the current market cycle peaked at $230,000 on September 12th.
Home prices were 12.8 percent higher than during the same period a year ago when the median price of a home was $195,000 and were 16.7 percent higher than the median price of $188,500 during the same period three years ago.
Over the last seven years, median home prices nationwide have ranged from a high of $275,000 to a low of $168,500.
Home sales volume over the last seven years has ranged from a high of 339,669 properties sold to a low of 124,051.
The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.
Tags: DataQuick, home sales, median home price, sales volume
Reported by Chris Moore