Existing Home Sales Plummet

Sales of existing homes fell by over eight percent last week and are down nearly thirteen percent in the last month according to the National Home Sales Snapshot released by DataQuick.

There were 172,508 properties sold over the previous thirty-day rolling period ending February 6th, 8.5 percent below the previous week’s total of 188,454 sold properties and 12.6 percent lower than the 197,555 properties sold four weeks ago.

Sales volume was 36.1 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of last year.

Last week’s home sales volume was 2.4 percent lower than the 176,811 homes sold during the same period a year ago but was still 17.6 percent higher than during the same period three years ago when 146,667 homes were sold. It was the fifth consecutive week that home sales have fallen below the previous year’s levels.

The median price of a home sold over the current thirty-day rolling period fell by $6,000 to $213,000 after falling by $1,000 the week before. Four weeks ago the median home price was $220,000.

Home prices were 10.0 percent higher than during the same period a year ago when the median price of a home was $193,700 and were 18.3 percent higher than the median price of $180,000 during the same period three years ago.

DataQuick Weekly Snapshot 02-10-14

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