Institute members know that I believe that to be a real estate expert you must know what's happening in the market. Altos Research, in partnership with Real IQ, just made it easier for you to track what's happening in 20 major markets across the country.
Starting this month, they've rolled out a new monthly report -- The Real Time National Housing Market Report. While the report doesn't cover all markets, it will be a "trend indicator" that can give you valuable insight into the residential market in general. Of course, you'll want to track your local market (real estate is still a local business), but this report provides data which either hasn't been available or has not been available on a timely basis.
Here's some of what the debut report contains:
- Listing prices on properties in 18 of 20 major markets across the U.S. fell during the month of November. San Diego experienced the steepest decline with listing prices falling 5.8 percent as the recent wildfires exacted a toll on demand.
- Another key trend noted in the new report was an increase in the time-on-market duration for homes on sale in virtually all 20 markets. Miami experienced the longest time-on-market span with an average days-on-market of 137 in November. Minneapolis had the second highest average days-on-market at 125.
- Listed property inventory levels displayed seasonal declines in many markets with the exception of Las Vegas where for-sale property listings increased 6.6% over the past three month. While inventory levels declined in most markets, Stephen Bedikian, partner and research director for Real IQ said, "We expect time-on-market will continue to lengthen and apply pressure on homeowner pricing decisions until buyers regain confidence and demand levels off. So far that point is not in sight."
Each month you can find the updated version of the report on their financial institutions page.
You can download this month's report here (PDF 243k).
