New Study Tracks Home Price, Supply, Demand Trends
July 15, 2008 | Filed Under Real Estate News, Real Estate Trends and Statistics, Boston Real Estate
For-sale home listing prices declined in 11 of 26 markets surveyed in June while prices increased in 15 others, according to Real-Time Housing Market Update, published by Altos Research and Real IQ, a real-time real estate market research firm. The study’s 10-City Composite Index finds that home prices slipped 0.5 percent to $512,110 during June and 0.8 percent for the past three months.
For the third consecutive month, Las Vegas had the largest monthly price drop, falling 3.6 percent during June and 7.2 percent over the past three months. Denver led all markets with price increases, up 2.6 percent during the month and 6.4 percent over the past three months. The Boston market showed a 0.4 increase in June and 1.7% over the past three months.
Inventory of property listings rose in 17 of 26 markets with the largest increases in Los Angeles and San Diego, up 8.7 percent and 6.1 percent respectively in June. In the 10-City Composite Index, inventory increased 1.9 percent in June and 5.7 percent for the most recent three-month period. Although inventory dropped 0.1% from the last month in Boston, it rose 6.9% over the past 3 months. Inventory fell by more than 1 percent in only three markets: Tampa, Washington, D.C., and Phoenix.
For the 10-City Composite Index, the average days-on-market was 109 in June, up from 106 a month earlier. Days on market declined in seven of 26 markets surveyed while 11 markets averaged more than 100 days. Miami posted the highest average days on market with 154 days, while the lowest levels were in Austin (72 days), and San Francisco (76 days). In Boston, we saw a 3.7% decrease in days on market over the past three months.
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