Pace of Home Sales Decline Slows

Existing homes sales continued its downward trend over the past week though at a slower pace according to the National Home Sales Snapshot released by DataQuick.

There were 165,660 properties sold over the previous thirty-day rolling period ending February 20th, 1.3 percent below the previous week’s total of 167,894 sold properties and 14.4 percent lower than the 193,498 properties sold four weeks ago.

Sales volume was 38.6 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 4.7 percent lower than the 173,834 homes sold during the same period a year ago but was still 13.2 percent higher than during the same period three years ago when 146,326 homes were sold. It was the seventh 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 fell by $500 to $210,500 after falling by $8,000 over the previous two weeks. Four weeks ago the median home price was $220,000.

Home prices were 10.8 percent higher than during the same period a year ago when the median price of a home was $190,000 and were 20.3 percent higher than the median price of $175,000 during the same period three years ago.

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.

DataQuick Weekly Snapshot 02-24-14

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, existing home sales

Source:
DataQuick

Reported by Chris Moore