The Altos 10-City Composite presents the most current perspective on housing market conditions across the country. The Composite median price fell by 0.4% in November 2009.
The Altos Research 10-City Composite Price was down by 0.4% in November and 0.8% during the most recent three-month period.
- The Composite effectively bottomed out in January at $470,017 and climbed throughout the first half of the year to $509,030 in July before returning to a gradual downward trend. Prices are likely to continue showing modest declines throughout the seasonally weak fall and winter months of 2009.
- Asking prices increased in just one of 26 markets – Miami. The previously strong California markets all showed price declines during November.
- The largest monthly drop in asking prices occurred in San Diego with prices falling 3.1%, followed closely by Salt Lake City which showed a 2.9% decline. Salt Lake City experienced the steepest quarterly drop in asking prices – down 6.1%.
- Listed property inventory declined in 22 of 26 markets tracked. The inventory declines were largest in Boston and the Bay Area markets of San Francisco and San Jose.
- All markets except San Francisco and San Jose had a median days-on-market of 100 or more in November. By far, the market with the slowest rate of inventory turnover was Miami with a median of 225 days-on-market or more than seven months.
November Home Price Trends
The 10-City Composite Index was down 0.4% during November and 0.8% for the most recent three-month period. The Index started the year in January at $470,017 and reached a yearly high of $509,030 in July before falling to $499,267 in November. The downturn would likely have been worse were it not for historically low mortgage rates and the federal government’s home buyer tax credit which was recently extended beyond its November expiration date.
Listing prices fell in 25 of 26 markets during November with Miami being the only exception. The largest monthly declines occurred in San Diego and Salt Lake City with asking prices down 3.1% and 2.9% respectively. Prices fell by more than one percent during the month in 10 other markets. The rate of decline has slowed in Las Vegas but that market continues to show the largest decline during the downturn. In November, 2007, the median asking price was $347,597 but it fell to just $168,162 in November, 2009.
Asking prices increased in just one of 26 markets – Miami – with an increase of 1.0% for November and 1.3% during the most recent three-month period.
November Housing Supply Trends
During November, the inventory of properties listed for sale declined by 2.9% across the 10-City Composite Index markets. Inventory declined in 22 of 26 markets.
November Housing Market Demand Trends
During November every market except San Francisco and San Jose had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 225 days-on-market or more than 7 months. That reflects a substantial decline from 251 days-on-market in September and 244 in October. San Francisco experienced the fastest rate of inventory turnover at a median of 89 days-on-market.
Inventory fell by the largest amount in Boston down 10.0% and San Francisco where it contracted by 9.7%. Decreasing inventory is typical during the seasonally slow fall and winter months. The limited but widespread decline in listed-property inventory should help moderate near-term price declines.
Inventory increased by the largest amount in San Diego – up 3.9% – followed by Phoenix and New York – up 2.9% and 2.1% respectively.
Methodology
The Altos Research—Real IQ Real-Time Housing Report provides data on current housing market conditions in major markets around the country. Unlike other data sources that lag several months behind the market, this report summarizes metrics associated with active residential property listings to present the only real-time view of the housing market.
Each ―market‖ measured in this report is equivalent to the Census Bureau’s Metropolitan Statistical Area (MSA) dominated by the city listed. Properties analyzed in this data included repeat sales of single-family homes. Condominiums and town homes are not included in the data set. New construction is not included in the data set. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case Shiller® Index. The Altos 10-City Composite is based on single family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas , Washington D.C, Denver. For more information visit www.AltosResearch.com.
About Real IQ
Real IQ provides housing market analysis and consulting services to leading mortgage and real estate companies including: Bank of America, Realogy, Weichert, Long & Foster, LendingTree and others. More information about Real IQ is located at http://www.realiq.com
About Altos Research
Altos Research LLC pioneered real-time real estate market research. Founded in 2005, the company’s information products serve investors, derivatives traders, and thousands of real estate professionals. The company publishes analytical reports and data feeds each week for thousands of zip codes including all 20 S&P/Case Shiller markets summarized in this report.
Information provided by /Michael Simonsen, CEO & Co-Founder Altos Research LLC /Tel: 888-819-7775 / www.altosresearch.com
Posted by Karma Allen, Empire Realty Associates
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