February 13, 2012 (Chris Moore)
Weekly existing home sales volume continued to decline last week, the fifth consecutive week they have done so, while home prices fell to the same levels they were a year ago according to the National Home Sales Snapshot released by DataQuick.
There were 143,021 properties sold over the previous thirty day rolling period ending February 9th, down 1.7 percent from the previous week’s total of 145,440 properties sold and 10.8 percent lower than the 160,426 properties sold four weeks ago.
Sales volume has fallen 4.9 percent in the last two weeks alone and is down 25.0 percent from the current cycle peak of 190,688 sales during the week prior to September 1st.
Last week’s home sales volume was 2.2 percent lower than the 146,201 homes sold during the same period a year ago but was still 7.9 percent higher than during the same period three years ago when 132,581 homes were sold.
The median price of a home sold over the same thirty day rolling period ending February 9th fell $3,000 from the previous week to $172,000 and is down 4.3 percent from a month ago. Last week’s median home price is at the same level as in February 2011.
Home prices were also 2.8 percent lower than the same period a year ago when the median price of a home was $177,000 and were 9.5 percent lower than the same period three years ago when the median price was $190,000.
Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $170,000.
Sales volume for a thirty day period within the last five years has ranged from a high of 339,669 properties sold to a low of 119,636.
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