Existing home sales slumped for a second consecutive week signaling that the traditional summer to autumn sales transition has finally arrived according to the National Home Sales Snapshot released by DataQuick.
There were 256,733 properties sold over the previous thirty-day rolling period ending September 26th, down 1.3 percent from the previous week’s total of 260,238 sold properties and 3.5 percent lower than the 266,134 properties sold four weeks ago.
Sales volume was 4.8 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of this year.
Last week’s home sales volume was 17.0 percent higher than the 219,358 homes sold during the same period a year ago and was 50.4 percent higher than during the same period three years ago when 170,713 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $1,000 to $229,500. Four weeks ago the median home price was also $229,000.
Home prices were 14.8 percent higher than during the same period a year ago when the median price of a home was $200,000 and were 16.2 percent higher than the median price of $197,500 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.
The National Home Sales Snapshot includes 98 out of the top 100 metropolitan statistical areas covering 66.25 percent of U.S. home sales.