Housing Market Study: Mid-Size US Housing Markets

Real Time Housing Market Report
Real-Time Housing Market Update By Altos Research

This is the first time we have experienced the current combination of low interest rates, high unemployment, and a glut of inventory hiding in the shadow. The housing market in the United States is in a constant state of flux. Volatility is the norm and the rules of yesterday’s market no longer apply.

The Mid-Cities Report provides a glimpse into real estate market trends for mid-sized US markets not commonly reported in the media.  

This month prices increased in 14 of the 20 markets, and inventory increased in 12 of the 20 markets. The list of markets with price and inventory increases has been in flux for the past three months.  Our Altos 20-City Composite National Report showed signs of a slowing market a few weeks ago. The summer price bump is over and both prices and inventory are declining at the seven-day level. The next few weeks will set the stage for a long, cold winter. There’s nothing on the immediate horizon with employment or the economy that suggests a spike in fall or winter housing market activity.
 

Traditionally, inventory begins declining in the fall and reaches a seasonal low in January. The current inventory trend shows evidence of the seasonal inventory shift.

Key takeaways from the markets covered in this report:

• The median price was $256,120 in July, up $7 from $256,113 in June. For comparison, the Altos national composite median price was down 0.16% in July, from $450,894 to $450,176.
• The leaders in the three-month price increases are Boulder (8.23%), San Antonio (4.43%), and Boise (3.11%).
• Only two markets had decreasing prices over three months. Naples (-2.73%) and Dover (-1.25%).
• Boulder had the largest one-month increase in median price, with a 3.67% increase.
• The largest one-month increase in inventory was Boulder, with a 3.26% increase.
• The largest one-month decrease in inventory was Naples, with a 5.32% decrease. Naples also had the largest three-month decrease in inventory (-10.95%).
• Eight of the 20 markets reported a decrease in inventory and six of the 20 markets reported a decrease in median prices.
• The 7-day numbers have been declining and 90-day averages in the mid-cities composite are flattening for median prices and inventory. The 7-day trends are always the first indication of a
  shifting market and should be watched closely.

Texas Continues Leading Nation Unemployment Drops To 8 Percent

Austin Texas (May 20, 2011)  The Texas unemployment rate dropped for the third consecutive month to 8.0 percent in April as another 32,900 nonfarm jobs were added, the state employment agency said Friday.

Jobs grew for the seventh consecutive month, and Texas has added more than 86,000 positions since the start of the year, according to Texas Workforce Commission figures.

Small Business Blogging To Increase Web 'Footprint'

We published our first blog two years ago in November. Those in the know insisted I had to have a blog in order to boost the search engine rankings of my website. As a home builder, I elected housing and real estate as the subjects of that first blog. I started the Dallas Urban Blog on Google's Blogger Platform and was blogging. I soon decided I liked the presentation of WordPress Blogs more than I did Blogger, so I started the Lexington Blog on WordPress.

Home Prices Continue Down Nine Cities Hit New Lows

Data through November 2010, released January 25 by Standard & Poor’s for its S&P/Case-Shiller Home Price Index, the leading measure of US home prices, show a deceleration in the annual growth rates in 17 of the 20 Metropolitan Statistical Areas (MSAs) and the 10- and 20-City Composites compared to what was reported for October. The 10-City Composite was down 0.4% and the 20-City Composite fell 1.6% from November 2009 levels.

Finally, Some Really Really Good News: At Least For Texas

There has been precious little good news in America during the last two years.  While this isn't necessarily good news for everyone, it certainly is for the Lone Star State. The US Census Bureau has announced the US Population results from the 2010 Census and, along with the US population by state, the Census Bureau also announced the resultant shift in both Congressional seats and Electoral College votes due to migration of the US population.