Home/Mortgages/Summer Home Sales Continue to Improve

July 16, 2012 (Chris Moore)

Home sales continued to follow normal seasonal trends last week, increasing by more than two percent from the previous week, while home prices bounced back after the previous week’s decline according to the weekly National Home Sales Snapshot released by DataQuick.

There were 216,818 properties sold over the previous thirty-day rolling period ending July 12th, up 2.4 percent from the previous week’s total of 211,527 sold properties and 9.4 percent higher than the 198,090 properties sold four weeks ago.

Sales volume was 13.6 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 13.4 percent higher than the 191,228 homes sold during the same period a year ago and was 9.3 percent higher than during the same period three years ago when 198,302 homes were sold.

The median price of a home sold over the current thirty-day rolling period increased by $2000 from last week to $195,000 and was 2.9 percent higher than what it was four weeks ago when the median sales price was $189,500. Home prices last week fell for the first time 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 $184,000 and were 4.3 percent higher than what they were three years ago when the median price was also $187,000. It was the 14th 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