October 15, 2012 (Chris Moore)
Record low mortgage rates helped end a three week skid in nationwide home sales last week while home prices refused to budge from the level’s they’ve been at for the last two and a half months according to the weekly National Home Sales Snapshot released by DataQuick.
There were 217,579 properties sold over the previous thirty-day rolling period ending October 11th, up 1.6 percent from the previous week’s total of 214,076 sold properties but still 1.9 percent lower than the 221,695 properties sold four weeks ago, the current year’s cycle peak.
Last week’s home sales volume was 13.3 percent higher than the 192,085 homes sold during the same period a year ago and was 1.9 percent higher than during the same period three years ago when 213,623 homes were sold.
The median price of a home sold over the current thirty-day rolling period remained unchanged from the previous week at $200,000. It was the ninth time in the last ten weeks that home prices have remained at that price.
Home prices were 8.1 percent higher than the same period a year ago when the median price of a home was $185,000 and were 5.3 percent higher than what they were three years ago when the median price was $190,000. It was the 27th 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