The December housing market begins with a continuation of the seasonal price and inventory declines, with asking prices down by 0.45% this month and active inventory down by 3.16%. In November 2010, the Altos 10-City Price Composite continued its seasonal decline by 0.45%. Expect weekly declines in price, inventory and demand through the end of the year. Watch the third week of January before the first inklings of seasonal demand uptick become visible.
November 2010 Highlights
× The Altos 10-City Composite is now at $456,454, off 0.45% from last month.
× 23 of the 26 major markets tracked by Altos showed price decreases, with the steepest declines seen in Washington, DC (down 3.41%), San Diego (down 3.07%), and Salt Lake City (down 2.63%), respectively.
× Housing inventory is off seasonally by 3.16% nationwide, with dramatic decreases in several major markets, including San Francisco, Boston, and San Jose.
× Several markets are starting to show potential stability in home prices, including cities such as Miami, which begins its seasonal uptick before the national market.
The Altos Research 20-City Composite
Starting this month we’re highlighting a different Altos Research data point each month reporting the trends over the past few years. For December, here’s a look at the 20-City composite, which gives a broader national view than the 10-City Composite we use as the basis for this report.
Featured Chart For December 2010. Altos 20-City Composite includes the same 20 cities as S&P Case Shiller Index. Data is for single family homes.
In November 2010, home prices were off in most markets across the country. Price decreases were in line with what would normally be expected during this period of the year. The Altos 10-City Composite was relatively flat, showing a decrease of just 0.45% to $456,454.
Trends: Housing Supply
Housing inventory decreased nationwide in November 2010. In several markets, the decreases were dramatic, with San Francisco (down 13.10%), Boston (down 11.55%), and San Jose (down 10.75%) leading the way with just a few markets increasing inventory. The Altos 10-City Composite fell by a modest 3.16% to 273,752 units.
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 18,000 zip codes in more than 180 metro markets around the county, including the 20 S&P/Case-Shiller markets summarized in this report.