Existing home sales pushed higher as the spring/summer selling season moved into the home stretch according to the National Home Sales Snapshot released by DataQuick while home values fell for the second consecutive week.
There were 266,134 properties sold over the previous thirty-day rolling period ending August 29th, up 1.9 percent from the previous week’s total of 261,103 sold properties and 3.1 percent higher than the 258,180 properties sold four weeks ago.
Sales volume was 20.0 percent above last 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 18.3 percent higher than the 225,029 homes sold during the same period a year ago and was 41.9 percent higher than during the same period three years ago when 187,606 homes were sold.
The median price of a home sold over the current thirty-day rolling period fell by $900 to $229,000. Four weeks ago the median home price was $228,000.
Home prices were 14.5 percent higher than during the same period a year ago when the median price of a home was $200,000 and were 15.9 percent higher than the median price of $197,500 during the same period three years ago. It was the 71st consecutive week that year-over-year home prices surpassed the previous year’s levels.
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.