According to a recent report by the National Home Sales Snapshot, existing home sales declined for its fourth consecutive week. The report states that for the end of the 30-day rolling period, which ended on October 10, 250,006 properties were sold, which is a 1.3% decline from the previous week, and was also 7.3% lower than the 269,817 properties lower sold four weeks ago.
Additionally, the Mortgage Bankers Association reported a decline during the past two weeks in mortgage applications for home purchases, in comparison to last year’s numbers.
However, home prices have maintained a higher median price, averaging at 12.5% above levels the same period of time last year and 15.4% up from three years ago.
Last week’s home sales volume, meanwhile, was still 14.7% higher than the 217,984 homes sold during the same period a year ago and was 49.5% higher than during the same period three years ago when 167,196 homes were sold.