February 7, 2012 (Chris Moore)
Weekly existing home sales volume saw another steep decline last week, the fourth consecutive week of losses, while home prices held steady according to the National Home Sales Snapshot released by DataQuick.
There were 145,440 properties sold over the previous thirty day rolling period ending February 2nd, down 3.3 percent from the previous week’s total of 150,375 properties sold and 9.6 percent lower than the 160,998 properties sold four weeks ago.
Sales volume has fallen 7.3 percent in the last two weeks alone and is down 23.7 percent from the current cycle peak of 190,688 sales on September 1st.
Last week’s home sales volume was 1.5 percent lower than the 147,597 homes sold during the same period a year ago but was still 7.9 percent higher than during the same period three years ago when 134,815 homes were sold.
The median price of a home sold over the same thirty day rolling period ending February 2nd remained unchanged from the previous week at $175,000 and is down 2.8 percent from a month ago.
Home prices were also 2.8 percent lower than the same period a year ago when the median price of a home was $180,000 and were 9.8 percent lower than the same period three years ago when the median price was $194,000.
Over the last five years, median home prices nationwide have ranged from a high of $275,000 to a low of $170,000.
Sales volume for a thirty day period within the last five years has ranged from a high of 339,669 properties sold to a low of 119,636.
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