Home Sales Rebound But Still Below Last Year

Existing home sales rebounded from the previous week but still remained below last year’s levels according to the National Home Sales Snapshot released by DataQuick while home values remained stable.

There were 200,554 properties sold over the previous thirty-day rolling period ending January 16th, 1.5 percent above the previous week’s total of 197,555 sold properties but still was 3.5 percent lower than the 207,914 properties sold four weeks ago.

Sales volume was 25.7 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 0.2 percent lower than the 201,040 homes sold during the same period a year ago but was still 25.0 percent higher than during the same period three years ago when 160,463 homes were sold. It was the second 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 increased by $40 to $220,040 after falling by $1,500 the week before. Four weeks ago the median home price was also $220,000.

Home prices were 10.0 percent higher than during the same period a year ago when the median price of a home was $200,000 and were 15.8 percent higher than the median price of $190,000 during the same period three years ago.

DataQuick Weekly Snapshot 01-20-14

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