Home Sales Momentum Slows as January Trends Downward

January 24, 2012 (Chris Moore)

Weekly existing home sales volume declined for the second consecutive week, falling back to the same levels seen a month ago, an indication that the sales momentum that we saw at the end of 2011 may be starting to wane according to the National Home Sales Snapshot released by DataQuick.

There were 156,817 properties sold over the previous thirty day rolling period ending January 19th, down 2.2 percent from the previous week’s total of 160,426 properties sold and 0.4 percent lower than the 157,521 properties sold four weeks ago.

Last week’s home sales volume was 1.8 percent lower than the 159,695 homes sold during same period a year ago but was 7.2 percent higher than during the same period three years ago when 145,279 homes were sold.

The median price of a home sold over the same thirty day rolling period ending January 19th fell 0.4 percent to $179,000 from $179,750 the previous week, a decline of $750. Home prices have fluctuated within a narrow $1000 range over the last five weeks.

Home prices were 3.7 percent lower than the same period a year ago when the median price of a home was $185,900 and were 10.5 percent lower than the same period three years ago when the median price was $200,000.

Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $170,000.

Sales volume for a thirty day period within the last five years has ranged from a high of 339,669 properties sold to a low of 119,636.

The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.

National Weekly Snapshot 01-24-12

Tags: DataQuick, home sales, median home price, sales volume

Source:
DataQuick