December 3, 2012 (Chris Moore)
Sales of existing homes slid for a fourth consecutive week, but by only 898 sales from the previous week, while home prices fell back to the same level they were at two weeks ago according to the weekly National Home Sales Snapshot released by DataQuick.
There were 202,385 properties sold over the previous thirty-day rolling period ending November 29th, down 0.4 percent from the previous week’s total of 203,283 sold properties and 4.3 percent lower than the 211,188 properties sold four weeks ago.
Sales volume was 8.7 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 and were back at the levels seen in mid-June.
Last week’s home sales volume was still 15.4 percent higher than the 175,336 homes sold during the same period a year ago but was 4.7 percent lower than during the same period three years ago when 212,476 homes were sold.
The median price of a home sold over the current thirty-day rolling period fell by $2,000 from the previous week to $195,000. It was the fifth time in the last six weeks that home values have fallen. Four weeks ago the median home price was $197,700.
Home prices were 8.9 percent higher than the same period a year ago when the median price of a home was $179,000 and were 4.6 percent higher than what they were three years ago when the median price was $186,500. It was the 33rd 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