Home/Mortgages/Home Sales Slow, Prices Suffer First Drop Since March

July 9, 2012 (Chris Moore)

Summer home sales continued to improve over the previous week, but at a slower pace, while home prices suffered their first decline in 18 weeks according to the weekly National Home Sales Snapshot released by DataQuick.

There were 211,527 properties sold over the previous thirty-day rolling period ending July 5th, up 1.4 percent from the previous week’s total of 208,626 sold properties and 8.5 percent higher than the 194,965 properties sold four weeks ago.

Sales volume was 10.8 percent above the previous year’s cycle peak of 190,934 sales which occurred during the 30-day rolling period prior to September 1st.

Last week’s home sales volume was 12.0 percent higher than the 188,931 homes sold during the same period a year ago and was 10.6 percent higher than during the same period three years ago when 191,246 homes were sold.

The median price of a home sold over the current thirty-day rolling period fell by $500 from last week to $193,000 but was still 2.7 percent higher than what it was four weeks ago when the median sales price was $188,000. It was the first time home prices have fallen from the previous week since March 7th.

Home prices were 6.0 percent higher than the same period a year ago when the median price of a home was $182,000 and were 4.3 percent higher than what they were three years ago when the median price was also $185,000. It was the 13th consecutive week that year-over-year home prices surpassed the previous year’s levels.

DataQuick Weekly Snapshot  07-09-12

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