Existing homes sales increased for the first time in six weeks according to the weekly National Home Sales Snapshot released by DataQuick while home values fell for the third consecutive week.
There were 167,536 properties sold over the previous thirty-day rolling period ending February 21st, up 1.4 percent from the previous week’s total of 165,148 sold properties but 9.2 percent lower than the 184,413 properties sold four weeks ago.
Sales volume was 24.4 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 9.6 percent higher than the 152,891 homes sold during the same period a year ago and was 6.3 percent higher than during the same period three years ago when 157,585 homes were sold.
The median price of a home sold over the current thirty-day rolling period fell by $1,800 from the previous week to $192,000. Four weeks ago the median home price was $199,900.
Home prices were 12.3 percent higher than the same period a year ago when the median price of a home was $173,500 and were 6.4 percent higher than what they were three years ago when the median price was $182,000. It was the 45th 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