The decline in existing home sales accelerated last week and are now over twelve percent lower than the current year’s market peak just seven weeks ago according to the National Home Sales Snapshot released by DataQuick.
There were 237,074 properties sold over the previous thirty-day rolling period ending October 31st, down 3.3 percent from the previous week’s total of 245,175 sold properties and 6.4 percent lower than the 253,359 properties sold four weeks ago.
Sales volume was 12.1 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 11.9 percent higher than the 211,802 homes sold during the same period a year ago and was 45.5 percent higher than during the same period three years ago when 162,972 homes were sold.
The median price of a home sold over the current thirty-day rolling period decreased by $1,000 to $219,000 after falling by $3,500 the week before. Four weeks ago the median home price was $227,000.
Home prices were still 11.7 percent higher than during the same period a year ago when the median price of a home was $196,000 and were 15.3 percent higher than the median price of $190,000 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