Real-Time National Housing Update ©Copyright Altos Research, LLC October 2010
Altos Research: October 2010:
REAL-TIME HOUSING MARKET UPDATE
Real-Time HousingMarket Update
October 4, 2010
September 2010 brought with it a mixed bag of news. While nationally month-over-month pricedeclines continue, there was hope in the name of diminishing inventory. Lower inventory will helpto lessen the impact of weakening buyer demand in many markets. Week-over-week drops in pricecontinue as well into the fall.
The Altos 10-City Composite declined 1.52% from the start of September. For the second consecutive month, home prices were down across the board; with price decreases in 25 of the 26 markets covered. Seasonality is evident in inventory trends, with since August, with inventory declines in 14 of the markets covered.
October 2010 Highlights
The Altos 10-City Composite is now at $465,968, off 1.52% from last month.
Continuing the trend from August, in September, home prices fell in 25 of the 26 marketscovered.
Cities that felt decreases most sharply were Tampa (-2.27%), San Francisco (-2.96%),and Phoenix (-4.55%).
Fourteen of the 26 markets covered in this report showed increases in inventory, andnationally, inventory was down 2.24%.
TRENDS: September Home Prices
Once again, the Altos 10-City Composite fell in September 2010. Having declined consistentlyfrom its peak in 2009, the index was off 1.52% from August, to $465,968. As the marketcontinues to correct, continued price decreases can be expected, likely until the early part of 2011,when the boost of the "Spring market" is felt.Price decreases were most evident in Phoenix (down 4.55%), Tampa (down 2.27%), and SanFrancisco (down 2.96%).