Home Prices Hit Five Year Low for Third Consecutive Week

March 12, 2012 (Chris Moore)

Weekly existing home sales volume continued to dwindle over the last 30 days while home prices maintained their downward march setting another new low in the current five year housing market cycle for the third consecutive week according to the National Home Sales Snapshot released by DataQuick.

There were 142,279 properties sold over the previous thirty day rolling period ending March 8th, down 1.7 percent from the previous week’s total of 144,737 properties sold and 0.5 percent lower than the 143,021 properties sold four weeks ago.

Sales volume is down 25.5 percent from the current year’s cycle peak of 190,934 sales during the 30-day rolling period prior to September 1st.

Last week’s home sales volume was 1.7 percent higher than the 139,915 homes sold during the same period a year ago and was 6.2 percent higher than during the same period three years ago when 133,933 homes were sold.

The median price of a home sold over the same thirty day rolling period ending March 8th fell $1,400 from the previous week to $168,500 and is down 2.0 percent from a month ago. Last week’s median home price beat the current five-year cycle low of $169,900 posted the previous week.

Home prices were also 2.0 percent lower than the same period a year ago when the median price of a home was $172,000 and were 6.4 percent lower than the same period three years ago when the median price was $180,000.

Over the last five years, median home prices nationwide have ranged from a high of $275,000 to the new low of $168,500 posted last week.

Sales volume for a thirty day period within 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.

DataQuick National Snapshot 03-12-12

Tags: DataQuick, home sales, median home price, sales volume

Source:
DataQuick