The Real Estate Market is starting to breathe again!
I just read in the most recent edition of the National Real Estate Report, published monthly by real-time real estate data firm Altos Research, that asking real estate prices are rising in 23 of 26 metro markets thus reflecting the return of some stability in the housing market and were down in just 3 markets.
According to the report, listing prices rose at the fastest rate in the California markets with San Diego up 6.9%, San Jose up 5.3% and Los Angeles up 4.2% and also in Philadelphia up 6.8% in May. Prices in 22 markets are now showing three months of sequential listing price increases. Asking prices fell at the fastest rate in Las Vegas with a decline of 3.7% during May and 7.4% for the most recent three month period.
The report stated that "We are seeing listing prices increases spread broadly across most major markets driven by a combination of seasonal factors, low mortgage rates and restrained inventory growth".
On the other hand, the report also stated that "although recent mortgage rate increases and the general resumption of foreclosures by lenders could imperil this still nascent recovery, we expect the market to continue to surprise on the upside, at least through the balance of the spring and summer periods."
Part of the data included in the report also indicated that the "Inventory levels decreased in a majority of major markets with inventory falling in 14 of 26 markets. Miami has experienced the slowest market turnover in every month since September 2007. San Francisco experienced the fastest rate of inventory turnover at a median of 96 days-on-market, followed by Boston at an even 100 days".
Data in the Real-Time Housing Market Report is based on analysis of over one million properties currently listed for-sale in 26 metropolitan statistical areas (MSAs): Atlanta, Austin, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Houston, Indianapolis, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, San Jose, Seattle, Tampa, and Washington, DC. The first report was published December 7, 2007 and is released every month.
