The true test will come in the fall when the market experiences seasonal weakness. If inventory, especially foreclosure listings, piles up too quickly, prices may start declining broadly again.
Mountain View, CA (PRWEB) July 8, 2008
The Altos 10-City Composite Price Index showed a decline in asking prices of just 0.5% in June and 0.8% for the past three months. Prices of properties listed for-sale increased in 15 of 26 major markets according to the Real-Time Real Estate Report, 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 Las Vegas - down 3.6% during June - and 7.2% over the most recent three-month period. This is the third consecutive month that Las Vegas has held that dubious honor. Listing prices rose at the fastest rate in Denver - up 2.6% in June - and 6.4% over the most recent three-month period.
"While the Composite Index continues to show price declines, the rate of decline has slowed recently and more than half of the markets we track are showing sequential asking price increases over the past three months," said Stephen Bedikian, partner and research director for Real IQ. "Housing markets are local, and this downturn remains largely confined to specific geographic areas of the country with four states in particularly bad shape: California, Florida, Nevada and Arizona."
Listed property inventories increased substantially with the 10-City Composite markets showing an increase of 5.7% during the past three months and 1.9% in June. Inventory rose in 17 of 26 markets with the largest jumps in Los Angeles and San Diego, up 8.7% and 6.1% respectively in June.
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 26 metropolitan markets across the country. The report is the most timely source of housing market data on current market activity.
For the Altos 10-City Composite, the average days-on-market was 109 - a slight increase from 106 in May. Eleven of 26 markets had an average days-on-market of over 100. By far, the market with the slowest rate of inventory was Miami at an average of 154 days-on-market Austin led all markets with the fastest rate of inventory turnover at an average of 72 days-on-market.
"Inventory continues to increase which is typical during the seasonally strong spring and summer seasons," said Michael Simonsen, CEO and co-founder of Altos Research. "The true test will come in the fall when the market experiences seasonal weakness. If inventory, especially foreclosure listings, piles up too quickly, prices may start declining broadly again."
*The report examines housing pricing, inventory levels and market conditions in 31 major U.S. metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Indianapolis, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, San Jose, Seattle, Tampa, and Washington, DC. The first report was published December 7, 2007 and is released every month. Report downloads are available at: http://www.altosresearch.com.
About Altos Research:
Altos Research LLC pioneered real-time real estate research. Founded in 2005, the company's information products serve investors, traders, and thousands of real estate professionals. Because real estate 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 real estate reports and real estate data each week for thousands of zip codes around the country.