Existing home sales continued to rise last week but for the second consecutive week the pace of those sales showed a slowing trend according to the National Home Sales Snapshot released by DataQuick.
There were 211,505 properties sold over the previous thirty-day rolling period ending May 16th, up 1.5 percent from the previous week’s total of 208,384 sold properties and 10.4 percent higher than the 188,680 properties sold four weeks ago.
Sales volume was still 6.0 percent below the current 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 10.6 percent higher than the 191,208 homes sold during the same period a year ago and was 9.4 percent higher than during the same period three years ago when 193,262 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $500 to $205,500. Four weeks ago the median home price was $200,000.
Home prices were 14.2 percent higher than the same period a year ago when the median price of a home was $180,000 and were 12.0 percent higher than what they were three years ago when the median price was $183,500. It was the 57th consecutive week that year-over-year home prices surpassed the previous year’s levels.
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
Reported by Chris Moore