Home prices down from last year in major markets

Homebuying index show prices are down 7.8% in DataQuick’s Top 98 markets

U.S. home prices run 7.8 percent below a year ago in major markets, according to a homebuying index from DataQuick and reported by the Orange County Register.

DataQuick tries to give a weekly snapshot of the most recent trends using actual home sales counts and median selling prices. This math tracks on a weekly basis the homebuying patterns in 98 out of the 100 largest U.S. markets (excluding Louisville and Wichita) to compile a national benchmark. The reading as of Nov. 24 showed pricing down and sales activity down versus previous week.

• Top 98 markets’ median home selling price was $175,250, which is down 1.27 percent versus the previous week; down 7.8 percent versus a year ago; and down 18.5 percent versus the same week three years ago.
• Pricing momentum — based on average median prices — in the last three weeks was down 1.4 percent versus the three previous weeks.
• Top 98 market’s total home sales were 165,729, down 1.65 percent versus the previous week; up 2 percent versus a year ago; and down 9.90 percent versus the same week three years ago.
• Sales pace (average weekly activity) in the last three weeks was down 2.5 percent versus the three previous weeks.
• Since the start of 2009, when this index’s history starts, these 98 markets averaged 182,251 sales in the trailing 30-day periods.

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