Existing home sales fell for the first time in over four months according to the National Home Sales Snapshot released by DataQuick while home values rebounded from last week’s decline.
There were 257,365 properties sold over the previous thirty-day rolling period ending July 25th, down 0.3 percent from the previous week’s total of 258,064 sold properties but still 8.1 percent higher than the 236,720 properties sold four weeks ago.
Sales volume was 13.9 percent above last year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th of last year.
Last week’s home sales volume was 14.5 percent higher than the 224,748 homes sold during the same period a year ago and was 13.5 percent higher than during the same period three years ago when 226,839 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $4,000 to $226,500. Four weeks ago the median home price was $218,000.
Home prices were 13.3 percent higher than during the same period a year ago when the median price of a home was $199,000 and were 14.4 percent higher than what they were three years ago when the median price was $195,000. It was the 66th 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 seven 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