After spending the previous four weeks at relatively steady levels, existing home sales moved higher last week according to the National Home Sales Snapshot released by DataQuick along with another increase in home values.
There were 261,461 properties sold over the previous thirty-day rolling period ending August 15th, up 1.6 percent from the previous week’s total of 257,259 sold properties and 1.3 percent higher than the 258,064 properties sold four weeks ago.
Sales volume was 17.9 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 18.8 percent higher than the 220,461 homes sold during the same period a year ago and was 30.5 percent higher than during the same period three years ago when 200,394 homes were sold.
The median price of a home sold over the current thirty-day rolling period increased by $1,000 to $230,000. Four weeks ago the median home price was $222,500.
Home prices were 15.0 percent higher than during the same period a year ago when the median price of a home was $200,000 and were higher by the same amount during the same period three years ago. It was the 69th 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.
Tags: DataQuick, home sales, median home price, sales volume
Reported by Chris Moore