September 17, 2012 (Chris Moore)
Existing home sales moved higher last week, surpassing this year’s previous high by 1,270 sales according to the weekly National Home Sales Snapshot released by DataQuick while home prices finally budged for the first time in six weeks.
There were 221,695 properties sold over the previous thirty-day rolling period ending September 13th, up 0.8 percent from the previous week’s total of 219,926 sold properties and 2.8 percent higher than the 215,695 properties sold four weeks ago.
Sales volume was 1,270 higher than the current year’s cycle peak of 220,425 sales which occurred during the 30-day rolling period prior to July 19th.
Last week’s home sales volume was 11.3 percent higher than the 199,209 homes sold during the same period a year ago and was 1.8 percent higher than during the same period three years ago when 217,705 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $1,000 from last week to $201,000 and was 0.5 percent higher than what it was four weeks ago when the median sales price was $200,000. It was the first time in six weeks that home prices have moved either up or down.
Home prices were 7.5 percent higher than the same period a year ago when the median price of a home was $187,000 and were 3.1 percent higher than what they were three years ago when the median price was $195,000. It was the 23rd 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