Existing Home Sales Fall Sharply

Sales of existing homes fell sharply last week while home values bounced back to their highest level in six weeks according to the National Home Sales Snapshot released by DataQuick.

There were 159,455 properties sold over the previous thirty-day rolling period ending March 20th, 2.7 percent below the previous week’s total of 163,918 sold properties and 3.7 percent lower than the 165,660 properties sold four weeks ago.

Sales volume was 40.9 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of last year.

Last week’s home sales volume was 6.1 percent lower than the 169,887 homes sold during the same period a year ago but was still 14.8 percent higher than during the same period three years ago when 138,906 homes were sold. It was the 11th consecutive week that home sales have remained below the previous year’s levels.

The median price of a home sold over the current thirty-day rolling period increased by $2,000 to $212,000 after remaining unchanged the previous week. Four weeks ago the median home price was $210,500.

Home prices were 12.6 percent higher than during the same period a year ago when the median price of a home was $188,250 and were 22.6 percent higher than the median price of $172,900 during the same period three years ago.

DataQuick Weekly Snapshot 03-24-14

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