Dec 31, 2010

Housing Market Update December 2010

The December housing market begins with a continuation of seasonal price and inventory declines, with asking prices down by 0.45% and active inventory down by 3.16%.

The Altos 10-City Price Composite continued its seasonal decline in November with prices down 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.

The Altos 10-City Composite Index is now $456,454 which is off 0.45% from the prior month.  In all, 23 of the 26 major US markets tracked by Altos Research 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 by 3.16% nationwide, which amounts to no more than a seasonal adjustment, with dramatic decreases in several major markets, including San Francisco, Boston, and San Jose.  Several markets are starting to show potential price stability, including cities such as Miami, which begins its seasonal uptick before the national market.

Starting this month, Altos Research is highlighting a different data point each month, reporting the trends over the past few years. For December, here’s a look at the 20-City Composite Index, which overall gives a broader national view than the 10-City Composite Index which Altos uses as the basis for this report.

Featured Chart For December 2010

The Altos Research 20-City Composite Index includes the same 20 cities as the S & P/Case Shiller Index. Data is for single family homes.

In November 2010, home prices were down in virtually every major housing market in the country. However, it should be noted that the price decreases were in line with what would be expected during this period of the year. The Altos 10-City Composite Index was relatively flat, showing a decrease of just 0.45% to $456,454.

Housing inventory decreased nationwide in November 2010. In several major housing markets the decreases in inventory were rather dramatic with San Francisco down 13.10%, Boston down 11.55%, and San Jose down 10.75% with just a few markets showing increasing inventory levels.  The Altos 10-City Composite fell by a modest 3.16% to 273,752 units.

The Altos Research Real-Time Housing Market Report gives you unfettered, up-to-the-minute data relative to housing market conditions in major markets around the nation. The Altos Research Real-Time Housing Market Report is comprised of data that can be used now, not aging, month's-old statistics that mean nothing in a market that is 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, townhomes, or newly constructed single-family homes. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index. The Altos Research 10-City Composite Index 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, visit the Altos Research website.

This real-time housing market research is furnished to the Dallas Urban Blog by Lexington Development and Scott Schaefer as part of a strategic partnership between Lexington Development, the Dallas Urban Blog and Altos Research.  The Dallas Urban Blog publishes the Altos Research Real Time Housing Market Report monthly as a service to our readers. 

Lexington Development publishes a great deal of additional business, economic, housing and demographic research on the LexingtonWiki, an online knowledge base of epic proportions.  

Altos Research is at the forefront of real-time real estate market research. Founded in 2005, Altos' pioneering technologies and information products serve investors, derivatives traders and thousands of real estate professionals. The company publishes statistical reports and data analyses each week covering more than 18,000 zip codes in more than 180 metropolitan markets around the county, including the 20 S&P/Case-Shiller markets summarized in this report.