Real-Time Housing Market Update: Asking Prices Decline in 13 Markets

Print Article Print Article

RISMEDIA, August 6, 2008-Altos Research & Real IQ released their real-time housing market update for the month of July. The Altos Research-Real IQ Real-Time Housing Report provides data on current housing market conditions in major markets around the country. A breakdown of the findings include:

- The 10-City Composite Index was down 0.8% during July and 1.3% for the past three months. Asking prices declined in 13 markets, were flat in 3 and up in 10 of 26 markets.
- The largest monthly drop in asking prices occurred in Las Vegas with a 4.0% decline during July. Prices in Las Vegas fell by 7.5% over the past three month period for a breathtaking annualized rate of 30%.
- Prices increased in 10 of 26 markets with Detroit leading the way, up 4.8% in July.
- Cleveland also logged a solid increase of 2.7% for the month. It appears that Midwestern markets have stabilized and price erosion continues primarily in coastal and Western markets.
- Listed property inventories declined substantially with the 10-City Composite markets showing a decrease of 2.0% during July. Inventory declined in 20 of 26 markets with the largest declines in Detroit and Cleveland.
- For the Altos 10-City Composite, the average days-on-market was 111 – a slight increase from 109 in June. Thirteen of 26 markets had an average days-on-market of 100 or more. By far, the market with the slowest rate of inventory turnover was Miami at an average of 156 days-on-market.

July Home Price Trends

For-sale listing prices declined in 13 of 26 markets during July. The 10-City Composite Index was down by 0.8% during the last month and by 1.3% over the most recent three month period. The largest monthly decline occurred in Las Vegas with a fall of 4.0%. This marks the fourth consecutive month that Las Vegas has posted the fastest rate of declining prices. Prices were also down by more than one percent for the month in Phoenix, Miami, Tampa, New York, Salt Lake City, Washington, DC, San Jose and Los Angeles.

Asking prices increased in 10 of 26 markets and were flat in three markets. The largest single month increase was in Detroit, up 4.8%. Denver and Cleveland also showed solid gains, up 2.3% and 2.7% respectively for the month. It appears that Midwestern markets have stabilized and price erosion continues primarily in coastal and Western markets.

July Housing Supply Trends

For the month of July, listed property inventory increased in just 6 of 26 markets. Across the Altos 10-City Composite markets, inventory declined by 2.0% for the month and 0.1% for the most recent three-month period. Inventory jumped by the largest amount in Portland and Seattle, up 8.2% and 2.8% respectively in July. Other markets experiencing some inventory increases were San Jose, Salt Lake City, Las Vegas and Philadelphia. Inventory levels declined in 20 of 26 markets. Inventory fell by the largest amounts in Detroit and Cleveland with inventory contracting 6.1% and 4.0% respectively. Both of these markets posted price increases in July and declining inventory indicates that trend should continue in the near-term.
July Housing Market Demand Trends

For the Altos 10-City Composite, the average days-on-market was 111 – an increase from 109 in June. Thirteen of 26 markets had an average days-on-market of 100 or more. Dayson-market declined in just 3 of 26 markets. By far, the market with the slowest rate of inventory turnover was Miami at an average of
156 days-on-market. That is more than a month longer than the next slowest market-Tampa which had an average days-on-market of 124.

Austin led all markets with the fastest rate of inventory turnover at an average of 78 days-on market, followed closely by San Francisco at 79 days.

For more information, visit www.AltosResearch.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more real estate headlines, see:


© RISMedia 2009. All Rights Reserved