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Home Sales Continue Downward Trend

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The decline in last week’s existing home sales was more than double the previous week’s gain leaving sales below the previous year’s levels for the third consecutive week according to the National Home Sales Snapshot released by DataQuick.

There were 193,498 properties sold over the previous thirty-day rolling period ending January 23rd, 3.5 percent below the previous week’s total of 200,554 sold properties and 5.4 percent lower than the 204,498 properties sold four weeks ago.

Sales volume was 28.3 percent below this year’s cycle peak of 269,817 sales which occurred during the 30-day rolling period prior to September 12th of last year.

Last week’s home sales volume was 1.6 percent lower than the 196,702 homes sold during the same period a year ago but was still 20.9 percent higher than during the same period three years ago when 160,040 homes were sold. It was the third consecutive week that home sales have fallen below the previous year’s levels.

The median price of a home sold over the current thirty-day rolling period fell by $40 to $220,000 after increasing by the same amount the week before. Four weeks ago the median home price was $221,000.

Home prices were 10.0 percent higher than during the same period a year ago when the median price of a home was $200,000 and were 18.3 percent higher than the median price of $186,000 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.

Via LoanRateUpdate.com

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