October 9, 2012 (Chris Moore)
Existing home sales fell for the third consecutive week according to the weekly National Home Sales Snapshot released by DataQuick while home prices haven’t budged in eight of the last nine weeks..
There were 214,076 properties sold over the previous thirty-day rolling period ending October 4th, down 1.3 percent from the previous week’s total of 216,896 sold properties and 2.7 percent lower than the 219,926 properties sold four weeks ago.
Sales volume was 3.4 percent lower than the current year’s cycle peak of 221,695 sales which occurred during the 30-day rolling period prior to September 13th.
Last week’s home sales volume was 11.2 percent higher than the 192,489 homes sold during the same period a year ago and was 0.5 percent higher than during the same period three years ago when 212,975 homes were sold.
The median price of a home sold over the current thirty-day rolling period remained unchanged from the previous week at $200,000. It was the eighth time in the last nine weeks that home prices have remained at that price.
Home prices were 8.1 percent higher than the same period a year ago when the median price of a home was $185,000 and were 3.6 percent higher than what they were three years ago when the median price was $193,000. It was the 26th 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