From RealTrends.com: Real-Time Housing Market Update
Spring 2011 is imminent and with it the much-anticipated Spring Real Estate Market. While the headline pricing metric 90-day rolling average still shows monthly declines, week-over-week data are beginning to show signs of improvement, indicating a good start to what is, typically, the strongest sales period of the calendar year.In February 2011, the Altos 10-City Price Composite decreased by 2.01% to $433,573. Once again, prices were down in each of the 27 markets tracked by Altos, with the most marked changes seen in San Francisco, Washington, DC, and Detroit. Of note are sharp increases in listing inventory in several major markets, most notably in San Jose (8.81%), Washington, DC (7.99%), and San Francisco (7.96%), which is likely an indicator of sellers hoping to take advantage of heightened buyer activity this season.
March 2011 Highlights
- The Altos 10-City Composite is now at $433,573, off 3.44% over the last 90 days.
- All 27 of the major markets tracked by Altos showed price decreases during the most recent quarter, most significantly in San Francisco and Washington, DC metro markets which showed declines of 9.31% and 8.13%, respectively.
- Housing inventory is up by 3.75% nationwide, though increases should be expected, as sellers hope to capitalize on seasonal upturns in real estate activity.
The Altos Research 20-City Composite
This month’s featured chart returns to the median price of the Altos 20-City Composite. Weekly price samples turned above the 90-day rolling average. This trend indicates stronger price resiliency than 2010 though not as strong as the tax credit and stimulus- driven bounce of early 2009.
Real-Time National Housing Update ©Copyright Altos Research, LLC March 2011Figure 1: Featured Chart as of March 2, 2011. Altos 20-City Composite weekly median home prices transition above the 90-day rolling average indicating stable home prices through the summer.
TRENDS: March Home Prices
During the month of February 2011, home prices continued their pattern of overall decline. However, week-over-week data indicate that this trend may soon change, as small increases are being seen on a national level. Prices, on the whole, were down by 2.01% last month, and down 3.44% over the last 90 days. And while the data over the three-month period show sharp declines in markets like San Francisco, Washington, DC and Detroit, the short-term information likely paints a more accurate picture of conditions moving into spring.
The Altos Research Real-Time Housing Report gives you unfettered, up-to-the-minute data relative to housing market conditions in major markets around the nation. With Altos’ report is comprised of data that can be used now, not aging, months-old statistics that mean nothing in a market that’s in a constant state of flux. Altos Research uses metrics associated with active residential property listings to give you real-time information. We give you the market as it is, not as it was.
Each “market” measured is equivalent to the Census Bureau’s Metropolitan Statistical Area (MSA) dominated by the city listed. Properties analyzed in the data include repeat sales of single-family homes, but not condominiums, town homes, or new construction homes. 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, DC and Denver. For more information, check out www.AltosResearch.com.
About Altos Research
Altos Research, LLC is at the forefront of real-time real estate market research. Founded in 2005, Altos’ pioneering technologies and information products serve investors, derivatives traders, as well as thousands of real estate professionals. The company publishes statistical reports and data analyses each week for over 15,000 zip codes in more than 150 metro markets around the county, including the 20 S&P/Case-Shiller markets summarized in this report.