Existing Home Sales Continue Slump

Existing home sales continued to slump last week according to the National Home Sales Snapshot released by DataQuick, while home prices jumped back up to the same levels they were at four weeks ago.

There were 219,035 properties sold over the previous thirty-day rolling period ending December 5th, down 1.1 percent from the previous week’s total of 221,468 sold properties and 5.9 percent lower than the 232,856 properties sold four weeks ago.

Sales volume was 18.8 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 8.8 percent higher than the 201,408 homes sold during the same period a year ago and was 33.1 percent higher than during the same period three years ago when 164,599 homes were sold.

The median price of a home sold over the current thirty-day rolling period increased by $3,840 to $220,000 after declining by $1,840 the week before. Four weeks ago the median home price was also $220,000.

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 15.8 percent higher than the median price of $190,000 during the same period three years ago.

DataQuick Weekly Snapshot 12-09-13

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

Source:
DataQuick

Reported by Chris Moore