Existing Home Sales Tumble

Sales of existing homes over the previous thirty days tumbled by nearly 6,000 transactions compared to last week according to the National Home Sales Snapshot released by DataQuick while the decline in home values continued after last week’s break.

There were 162,958 properties sold over the previous thirty-day rolling period ending March 7th, down 3.5 from the previous week’s total of 168,868 sold properties and were 1.3 percent lower than the 165,148 properties sold four weeks ago.

Sales volume was 26.5 percent lower than the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th.

Last week’s home sales volume was still 9.5 percent higher than the 148,796 homes sold during the same period a year ago and was 8.6 percent higher than during the same period three years ago when 150,015 homes were sold.

The median price of a home sold over the current thirty-day rolling period fell $1,500 from the previous week to $188,500. Four weeks ago the median home price was $193,800. Median home price have fallen back to the levels seen in late-May/early-June of last year.

Home prices were 11.5 percent higher than the same period a year ago when the median price of a home was $169,000 and were 4.7 percent higher than what they were three years ago when the median price was $180,000. It was the 48th consecutive week that year-over-year home prices surpassed the previous year’s levels.

DataQuick Weekly snapshot 3-18-13

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

Source:
DataQuick

Reported by Chris Moore