Home Sales Fall Nearly Eight Percent in a Month

Sales of existing homes fell again last week and despite an increase in sales two weeks ago, transactions have fallen nearly eight percent in the last month according to the National Home Sales Snapshot released by DataQuick.

There were 188,454 properties sold over the previous thirty-day rolling period ending January 30th, 2.6 percent below the previous week’s total of 193,498 sold properties and 7.9 percent lower than the 204,629 properties sold four weeks ago.

Sales volume was 30.3 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of last year.

Last week’s home sales volume was 1.5 percent lower than the 191,370 homes sold during the same period a year ago but was still 21.8 percent higher than during the same period three years ago when 154,783 homes were sold. It was the fourth consecutive week that home sales have fallen below the previous year’s levels.

The median price of a home sold over the current thirty-day rolling period fell by $1,000 to $219,000 after falling by $40 the week before. Four weeks ago the median home price was $221,500.

Home prices were 10.1 percent higher than during the same period a year ago when the median price of a home was $199,000 and were 19.7 percent higher than the median price of $183,000 during the same period three years ago.

DataQuick Weekly Snapshot 02-03-14

Over the last seven 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

Source:
DataQuick

Reported by Chris Moore