Providing a different perspective on the housing market, a new report by Altos Research points to price gains in the mid-sized U.S. markets.
The Mid-Cities Report, which analyzes housing trends in 20 medium sized U.S. cities, found that only three of the 20 markets experienced decreases in home prices in June, along with only two decreasing in May. Overall, mid-cities composite increased by the 0.70% in June and has increased 1.83% over the previous three months.
The largest increases in the composite were noted in Boulder (4.58%), Orlando (2.22%) and Boise (2.10%). Over the preceding three months, Boulder has seen the strongest gains at 8.81%. The only cities with decreases in the past three months are Dover (-0.90%) and Honolulu (-0.78%).
However, housing supply has increased over the past three months by 3.08%. The biggest increases in inventory has come from Baltimore (10.23%), Austin (10.13% and St. Louis (3.39%). Increases in the housing supply have the potential of placing downward pressure on home prices if the corresponding demand is insufficient to meet the available supply.
The Altos Research Mid-Cities report provides a different look at the housing market by evaluating home price activity in 20 medium sized cities and the Metropolitan Statistical Areas (MSAs) that define their market. The report focuses on the resale of single-family homes, not including condominiums, town homes or new construction.