Weekly National Home Sales Decrease Slightly From Last Week

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Peoples Home Equity comments on the latest weekly home sales and home price readings from DQnews.com

Every week DQnews.com posts its proprietary weekly home sales snapshot. The news shows that home sales have been on the decline for the past 6 weeks. Peoples Home Equity thinks this negative trend is bound to change soon due to the recent increase in mortgage applications.

DQnews.com reported yesterday, January 23rd that US home sales were 193,498 for the past 30/31 days. Home sales have declined -6.93% since they were posted at 207,498 on December 19th. The great thing about DQNews.com is “numbers are not modeled. They are real sales counts and medians.” This -6.93% change may seem small on a weekly basis but over an annual period the year over year change in home sales is much more noticeable. On December 19th year-over-year sales were 9.4% higher, as of January 23rd, they are now negative at -1.6%!

Home sales have been much more stable despite the downtrend in home sales. The median home sale price was the same yesterday, January 23rd, at $220,000 as it was on December 19th. In fact, over the past 6 weeks, sales prices have never declined below $220,000. Thus prices are outperforming home sales. Peoples Home Equity believes this is strongly a consequence of a lack of real estate inventory on the market.
While inventories may remain low for a bit more time, People Home Equity expects things to change soon regarding the number of home sales. Home sales have declined for 4 of the past 6 weeks, but the lender anticipates the past 3 week positive trend in mortgage applications will take its toll on increasing the amount of real estate transactions.

Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300

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Giorgio U Ferrero
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