The decline in sales of existing homes picked up again last week and are down by over nine percent compared to just six weeks ago according to the National Home Sales Snapshot released by DataQuick while home values slipped a hefty $3,500.
There were 245,175 properties sold over the previous thirty-day rolling period ending October 24th, down 1.3 percent from the previous week’s total of 248,817 sold properties and 4.5 percent lower than the 256,733 properties sold four weeks ago.
Sales volume was 9.1 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 still 14.1 percent higher than the 214,835 homes sold during the same period a year ago and was 50.1 percent higher than during the same period three years ago when 163,344 homes were sold.
The median price of a home sold over the current thirty-day rolling period decreased by $3,500 to $220,500 after falling by $1,500 the week before. Four weeks ago the median home price was $229,500.
Home prices were still 10.8 percent higher than during the same period a year ago when the median price of a home was $198,500 and were 14.9 percent higher than the median price of $191,500 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.
Tags: DataQuick, home sales, median home price, sales volume
Reported by Chris Moore