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Altos Research Real-Time Housing Report - October 2010

Altos Research Real-Time Housing Report - October 2010

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Published by Altos Research
Methodology
The Altos Research Real-Time Housing Report gives you unfettered, up-to-the-minute data relative to housing market conditions in major markets around the nation. With Altos' report is comprised of data that can be used now, not aging, months-old statistics that mean nothing in a market that's 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, town homes, or new construction homes. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index. The Altos 10-City Composite 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, check out www.AltosResearch.com.
Methodology
The Altos Research Real-Time Housing Report gives you unfettered, up-to-the-minute data relative to housing market conditions in major markets around the nation. With Altos' report is comprised of data that can be used now, not aging, months-old statistics that mean nothing in a market that's 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, town homes, or new construction homes. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index. The Altos 10-City Composite 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, check out www.AltosResearch.com.

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Published by: Altos Research on Dec 13, 2010
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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%).
 
 
 ©Copyright Altos Research, LLC October 2010
 
Altos Research Price Composite
MSA July 2010 August 2010 September 2010% Change LastMonth% Change Over3 Months10-CityComposite*$474,946 $469,910 $465,968 -1.52% -2.64%
Phoenix $249,254 $236,632 $225,857 -4.55% -9.39%San Francisco $753,348 $737,348 $715,529 -2.96% -5.02%
 
Dallas $236,571 $230,891 $225,057 -2.53% -4.87%Miami $447,513 $433,617 $423,157 -2.41% -5.44%Tampa $199,927 $195,533 $191,098 -2.27% -4.42%
 
San Jose $758,892 $747,382 $730,678 -2.24% -3.72%
 
Atlanta $215,932 $212,480 $208,065 -2.08% -3.64%Denver $341,993 $335,573 $328,723 -2.04% -3.88%Los Angeles $665,885 $661,094 $647,884 -2.00% -2.70%Houston $226,646 $224,514 $220,548 -1.77% -2.69%Detroit $142,629 $141,119 $138,706 -1.71% -1.95%Chicago $312,617 $309,389 $304,153 -1.66% -2.71%
 
Minneapolis $276,094 $272,508 $268,168 -1.59% -2.87%Charlotte $232,406 $228,686 $225,096 -1.57% -3.15%
 
Boston $472,470 $462,029 $454,999 -1.52% -3.70%Philadelphia $334,649 $330,959 $326,129 -1.46% -2.55%
 
 
Real-Time National Housing Update ©Copyright Altos Research, LLC October 2010
 
MSA July 2010 August 2010 September 2010% Change LastMonth% Change Over3 Months10-CityComposite*$474,946 $469,910 $465,968 -1.52% -2.64%
Salt Lake City $327,368 $324,548 $320,024 -1.39% -2.24%
 
Austin $289,608 $288,391 $228,449 -1.37% -1.78%Cleveland 170,249 $169,140 $166,934 -1.30% -1.95%
 
New York City $585,402 $577,690 $570,962 -1.16% -2.47%Portland $309,491 $307,252 $303,679 -1.16% -1.88%San Diego $691,128 $690,071 $682,439 -1.11% -1.26%
 
Las Vegas $158,271 $157,677 $155,044 -1.04% -2.04%Indianapolis $168,023 $166,875 $165,236 -0.98% -1.66%Seattle $378,181 $375,639 $372,171 -0.94% -1.60%
 
Washington,DC*$442,424 $441,554 $446,923 1.22% 1.02%
* Washington, DC sample revised with data methodology change in August 
TRENDS: Housing Supply
September 2010 brings with it a glimmer of light in the guise of decreasing inventory. While homeprices are still falling, it is significant that there are fewer and fewer homes listed for sale. In fact,in only nine of the 26 markets that Altos follows in its monthly report were increases noted. TheAltos 10-City index was flat in September, which could signal the beginning of the end of marketvolatility.In September, 14 of 26 markets showed increases in housing inventory. Inventory was up mostsignificantly in Houston (which posted the largest increase at 4.87%), Las Vegas, Los Angeles,San Francisco, and Phoenix.

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