Existing homes sales continued their downward trend and are down more than ten percent compared to a month ago according to the weekly National Home Sales Snapshot released by DataQuick while home values fell by 2.1 percent from the previous week.
There were 165,148 properties sold over the previous thirty-day rolling period ending February 14th, down 2.8 percent from the previous week’s total of 169,917 sold properties and 10.7 percent lower than the 184,946 properties sold four weeks ago.
Sales volume was 25.5 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 9.2 percent higher than the 151,260 homes sold during the same period a year ago and was 3.1 percent higher than during the same period three years ago when 160,227 homes were sold. Home sales are about where they were in mid-April of last year.
The median price of a home sold over the current thirty-day rolling period fell by $3,200 from the previous week to $193,800. Four weeks ago the median home price was $200,000.
Home prices were 11.7 percent higher than the same period a year ago when the median price of a home was $173,500 and were 6.5 percent higher than what they were three years ago when the median price was $182,000. It was the 44th 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