Home Sales Rise But Home Prices See a Decline

Sales of existing homes continued to push higher last week though at about half the pace of the previous week’s increase according to the National Home Sales Snapshot released by DataQuick while home values suffered their first decline since March.

There were 258,064 properties sold over the previous thirty-day rolling period ending July 18th, up 2.1 percent from the previous week’s total of 252,719 sold properties and 11.4 percent higher than the 231,733 properties sold four weeks ago.

Sales volume was 16.4 percent above last year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th of last year.

Last week’s home sales volume was 14.7 percent higher than the 225,012 homes sold during the same period a year ago and was 10.7 percent higher than during the same period three years ago when 233,193 homes were sold.

The median price of a home sold over the current thirty-day rolling period fell by $400 to $222,500. Four weeks ago the median home price was $217,000. It was the first decline in home prices since the middle of March.

Home prices were 11.8 percent higher than during the same period a year ago when the median price of a home was $199,000 and were 14.1 percent higher than what they were three years ago when the median price was $195,000. It was the 66th consecutive week that year-over-year home prices surpassed the previous year’s levels.

DataQuick Weekly Snapshot 07-22-13

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 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