Both Weekly Home Sales and Prices Continue to Outpace 2013 Year-Over-Year

Peoples Home Equity found a couple positive data points from the latest “National Home Sales Snapshot” from Weekly Median home sales prices have taken a pause this week from descending last week. Weekly home sales fell but continued to outpace last 2013’s numbers.
Weekly median home sale prices remained basically unchanged from last week falling just $100 for the week ending on November 20th. Despite remaining unchanged week-over-week at $225,900, prices further outpaced year-ago levels by 0.2%. It will not be surprising if the market witness’s real estate prices rise from now to January; this occurred in 2012, and mildly in 2013. Weekly median home sale prices remain -17.45% below their national peak in June 2006.
Weekly home sales declined yet again by -0.5% to 233,128 over the past 30 days due to seasonal weakness. Peoples Home Equity is not worried; the lender has been expecting sales to outperform 2013 levels this year. The lender has been correct thus far, as weekly sales have increased their year-over-year outperformance from 0.3% last week, which was the first time sales overtook 2013 levels, to 0.8% on November 20th. Stronger seasonal sales this winter means a more competitive housing market. Weekly home sales remain -31.3% below their national peak in June 2006.
To compete with the increased number of pre-approved buyers looking for properties, and also cash buyers, prospects must also be pre-approved for a mortgage. Consider using Peoples Home Equity as the lender. If unsure whether or not a home loan is an affordable choice, please note that frequently it’s less expensive to pay the mortgage, association fee, taxes, and utilities than it is to pay rent! One can easily find out how much a monthly mortgage will cost by visiting and click on “Monthly Payment Calculator” under the “Calculator” field.