Sales of existing homes continued to tumble last week according to the National Home Sales Snapshot released by DataQuick. Home sales have fallen by over fifteen percent since this year’s cycle peak in mid-September.
There were 227,831 properties sold over the previous thirty-day rolling period ending October 21st, down 1.6 percent from the previous week’s total of 231,567 sold properties and 7.1 percent lower than the 245,175 properties sold four weeks ago.
Sales volume was 15.6 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of this year.
Last week’s home sales volume was still 10.2 percent higher than the 206,689 homes sold during the same period a year ago and was 40.9 percent higher than during the same period three years ago when 161,728 homes were sold.
The median price of a home sold over the current thirty-day rolling period declined by $1,900 to $218,000 after declining by $100 the week before. Four weeks ago the median home price was $220,000.
Home prices were 12.4 percent higher than during the same period a year ago when the median price of a home was $194,000 and were 15.3 percent higher than the median price of $189,000 during the same period three years ago.
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
Reported by Chris Moore