List Prices Declined in 25 of 26 Markets: Altos Research Index
The Altos Research 10-city index of home listing prices decreased 0.4% from October to November, and prices fell in 25 of the 26 major markets the Mountain View, Calif.-based real estate market research firm tracks. Average listing price in the 10-city composite decreased from $501,377 in October to $499,267 in November. Miami was the only US market in the study to experience a month-over-month gain in listing price, up 1% from $485,472 in October to 490,197 in November. San Diego and Salt Lake City experienced the greatest declines, down 3.1% in San Diego to $837,981 and down 2.9% in Salt Lake City to $371,930. In 10 markets, prices fell more than 1%. Housing inventory declined 2.9% in the 10-city composite and 22 of 26 markets experienced inventory declines. The markets with the greatest declines in inventory were Boston (10%) and San Francisco (9.7%). Markets with increased inventory include San Diego (3.9%), Phoenix (2.9%), New York (2.1%) and Tampa (1.2%). Every market in the study except San Francisco and San Jose had a median days on market of more than 100 days. The 10-city composite had a median of 154 days in November, down 1.1% from 156 in October. The median days on market in San Jose was 99, down 4% from 103 in October. In San Francisco the median days on market was 89, but that was a 5.2% increase from October’s median of 85 days. Miami had the longest turnover time at 225 days, but that market also experienced the greatest month-over-month decline, down 7.8% from 244 days in October. The Altos Research study includes existing single-family homes and does not measure condos, town homes or new construction. For more detailed coverage of Altos Research's index methodology, read the exclusive commentary by Scott Sambuci, Altos Research director of business development in the December edition of HousingWire magazine. Write to Austin Kilgore.