From Realtor Magazine Online, Daily Real Estate News August 6, 2008
There was some good news this month for Midwestern cities hardest hit by the housing downturn.
In 10 of the 26 markets analyzed by Altos Research and Real IQ, asking prices increased in July, with the largest monthly gain in hard-bitten Detroit, up 4.8 percent. Denver and Cleveland also showed solid improvement, up 2.3 percent and 2.7 percent respectively.
Asking prices fell in July by more than 1 percent in Phoenix, Miami, Tampa, Fla., New York, Salt Lake City, Washington, DC, San Jose, Calif. and Los Angeles. The largest monthly decline occurred in Las Vegas with a fall of 4 percent.
Inventory levels declined in 20 of the 26 markets followed by Altos with Detroit and Cleveland contracting the most at 6.1 percent and 4.0 percent respectively.
Inventories rose by the largest amount in Portland and Seattle, up 8.2 percent and 2.8 percent respectively. Other markets with inventory increases were San Jose, Salt Lake City, Las Vegas, and Philadelphia.
Days on the market declined in just three of 26 markets in July with Detroit down 3.8 percent.
Cleveland declined 7.4 percent and Las Vegas was down 7 percent.
Inventory turnover increased the most in Atlanta, rising 29.4 percent, followed by New York City with an 18.6 percent increase and Austin up 15.4 percent.
Altos Research/Real IQ provides housing market analysis to mortgage and real estate companies, including Bank of America, Realogy, Weichert, Long & Foster and Lending Tree.
Source: Altos Research/Real IQ, (08/05/2008)
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