Existing homes sales took a turn for the worse last week, falling by over five percent from the previous week and are down almost ten percent from a month ago according to the weekly National Home Sales Snapshot released by DataQuick while home values fell by 1.5 percent from the previous week.
There were 169,917 properties sold over the previous thirty-day rolling period ending January 31st, down 5.1 percent from the previous week’s total of 179,113 sold properties and 9.8 percent lower than the 188,401 properties sold four weeks ago.
Sales volume was 23.4 percent lower than the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th.
Last week’s home sales volume was still 9.0 percent higher than the 155,958 homes sold during the same period a year ago and was 1.6 percent higher than during the same period three years ago when 167,203 homes were sold. Home sales are about where they were in mid-April of last year.
The median price of a home sold over the current thirty-day rolling period fell by $3000 from the previous week to $197,000. Four weeks ago the median home price was $199,000.
Home prices were 12.6 percent higher than the same period a year ago when the median price of a home was $175,000 and were 7.7 percent higher than what they were three years ago when the median price was $183,000. It was the 43rd 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
Reported by Chris Moore