The spring/summer selling season remained in high gear last week as existing home sales remained ten percent above last year’s pace for the fifth consecutive week according to the National Home Sales Snapshot released by DataQuick.
There were 220,809 properties sold over the previous thirty-day rolling period ending May 30th, up 2.3 percent from the previous week’s total of 215,943 sold properties and 8.1 percent higher than the 204,355 properties sold four weeks ago.
Sales volume was still 0.4 percent below the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th of last year, but at the current rate of sales, that mark should easily be passed this week.
Last week’s home sales volume was 10.5 percent higher than the 199,806 homes sold during the same period a year ago and was 7.1 percent higher than during the same period three years ago when 206,183 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $1,000 to $210,000. Four weeks ago the median home price was $202,000.
Home prices were 13.5 percent higher than during the same period a year ago when the median price of a home was $185,000 and were also 13.5 percent higher than what they were three years ago when the median price was $185,000. It was the 59th consecutive week that year-over-year home prices surpassed the previous year’s levels.
Over the last five 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 five 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