Mountain View, California (EastBayDaily) — The Altos 10-City Composite Price Index decreased by 0.4% during October and is down 0.9% for the most recent three-month period. Prices of properties listed for sale fell in 23 of 26 major markets and rose in just 3 markets according to the Real-Time Housing Market Report, the premier source for real-time statistics on the real estate market.
The Housing Market Report is available for free download.
Listing prices rose at the fastest rate in the Bay Area markets of San Francisco and San Jose – up 1.1 % and 1.0% respectively. Asking prices fell at the fastest rate in Salt Lake City with a decline of 3.3% during October and 5.2% for the most recent three-month period.
“After a strong first half of the year, housing prices have continued on a general, gradual downward trend,” said Michael Simonsen co-founder and chief executive officer of Altos Research. “Rising unemployment and high foreclosure rates combined with seasonal weakness will likely extend the trend through at least the end of the year.”
For the month of October, listed property inventory declined in 23 of 26 markets tracked. Inventory declined by 3.4% across the 10 markets composing the Altos Composite index during October and 5.1% during the past three months. Inventory grew by the largest amount in San Diego – up 2.9% – and fell by the largest amounts in San Jose and San Francisco with drops of 7.4% and 5.6% respectively.
“The contraction of inventory across most major markets is in line with seasonal trends and should moderate future price declines,” said Stephen Bedikian, partner and research director for Real IQ. “We’ve seen a sustained decrease in listed inventory during the past three-month period not a flood of pent-up supply. If mortgage rates remain low and federal tax credits are extended, demand should hold up.”
During October all markets except San Francisco had a median days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was again Miami, now at a median of 244 days-on-market or more than eight months. San Francisco experienced the fastest rate of inventory turnover with a median days-on-market of 85.
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 26 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.
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 statistics as they are right now in local markets across the country. The company publishes real estate statistics for thousands of local markets around the country.