Pace of Home Sales Decline Quickens

The slide in existing home sales continued last week, falling by almost three percent from the previous week according to the National Home Sales Snapshot released by DataQuick, while home prices also continued to see their values slump.

There were 221,468 properties sold over the previous thirty-day rolling period ending October 28th, down 2.8 percent from the previous week’s total of 227,831 sold properties and 6.6 percent lower than the 237,074 properties sold four weeks ago.

Sales volume was 17.9 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of this year.

Last week’s home sales volume was still 8.7 percent higher than the 203,786 homes sold during the same period a year ago and was 35.3 percent higher than during the same period three years ago when 163,743 homes were sold.

The median price of a home sold over the current thirty-day rolling period declined by $1,840 to $216,160 after declining by $1,900 the week before. Four weeks ago the median home price was $219,000.

Home prices were 12.0 percent higher than during the same period a year ago when the median price of a home was $193,000 and were 13.8 percent higher than the median price of $190,000 during the same period three years ago.

DataWuick Weekly Snapshot 12-02-13

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