We are seeing signs of stability in several markets as inventory growth slows and turnover increases
Mountain View, CA (PRWEB) February 8, 2008
Prices of properties listed for-sale fell in 19 of 22 major markets according to the Real-Time Housing Market Report*, jointly published by Altos Research, the premier source for real-time real estate research, and market analysis consultancy Real IQ™. Asking prices fell at the fastest rate in San Francisco, down 3.6% during January and 6.1% for the most recent three-month period. Prices also fell by more than four percent in the San Diego, Los Angeles and Detroit markets during the most recent three month period. Prices only increased in the New York metro area during January and were flat in Dallas and Phoenix.
"Recent declines in mortgage rates will increase affordability and ultimately benefit the housing market," said Michael Simonsen, CEO and co-founder of Altos Research, "but homebuyers may stay on the sidelines until they see evidence that housing prices have stopped declining."
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 22 metropolitan markets across the country. The report is the most timely source of housing market data on current market activity.
For-sale listed property inventories declined in every market over the most recent three month period except in Miami where inventory increased 5.8%. Property inventories declined by more than 10% in Chicago, Austin, Boston, Minneapolis, Denver, San Diego and Cleveland over the past three months.
The report also found that the time-on-market increased in virtually all markets. Miami and Minneapolis experienced the longest time-on-market spans with an average days-on-market of 144 in January. Sixteen of 22 markets had an average days-on-market of over 100. Denver led all markets with the fastest rate of inventory turnover at 61 days, followed closely by Dallas and San Diego at 80 days. The sharp decrease in Denver's days-on-market indicator - almost 39% during the past three months - coupled with an inventory reduction of over 11% during the same period, should be a positive for listing prices in the coming spring selling season.
"We are seeing signs of stability in several markets as inventory growth slows and turnover increases," said Stephen Bedikian, partner and research director for Real IQ. "The question is whether the effect of lower mortgage rates will be outweighed by the slowing economy. A great rate won't help the home buyer that has lost their job."
*The report examines housing pricing, inventory levels and market conditions in 22 major U.S. metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, DC. The first report was published December 7, 2007 and is released the first week of every month. Report downloads are available from Altos Research
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. Because real estate market data is traditionally obscure and highly latent, Altos built the Real-Time Market Intelligence(TM) platform to monitor dozens of housing market metrics as they are right now in local markets across the country. The company publishes analytical reports and data feeds each week for thousands of zip codes around the country. More information about Altos Research is available at http://www.altosresearch.com.
About Real IQ:
Real IQ provides housing market analysis and consulting services to leading mortgage and real estate companies. More information about Real IQ is located at http://www.realiq.com.