Sales of Existing Homes Dip Slightly

Existing home sales dipped slightly last week but remained at about the same levels as the previous three weeks according to the National Home Sales Snapshot released by DataQuick while home values improved slightly.

There were 257,259 properties sold over the previous thirty-day rolling period ending August 8th, down 0.4 percent from the previous week’s total of 258,180 sold properties but still 1.8 percent higher than the 252,719 properties sold four weeks ago.

Sales volume was 16.0 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 15.9 percent higher than the 222,005 homes sold during the same period a year ago and was 22.9 percent higher than during the same period three years ago when 209,407 homes were sold.

The median price of a home sold over the current thirty-day rolling period increased by $1,000 to $229,000. Four weeks ago the median home price was $222,900.

Home prices were 14.5 percent higher than during the same period a year ago when the median price of a home was $200,000 and were higher by a similar amount from three years ago. It was the 68th consecutive week that year-over-year home prices surpassed the previous year’s levels.

DataQuick Weekly Snapshot 08-13-23

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