For the third month in a row, modest increase in list prices and inventories are creating the most positive pricing trend since the homebuyer tax credit expired a year ago.
One-month numbers in Altos Research’s July Report show list prices up 1.37 percent and inventory up 0.35 in June. The three-month numbers are still trending upward as well, with list prices up 2.31 percent and inventory up 3.52 percent
Altos expects the S&P/Case-Shiller releases will report positive trends at least through the end of September based on its data to date. A plateau in the Altos Research weekly numbers is the first indication of the autumn housing market.
The Altos national index median price was $450,358 in June, up from $444,273 in May. Inventory was up in 12 markets and down in 14 markets. The biggest inventory increase was in Boston (5.80 percent) and the largest decrease was in Phoenix (-7.93 percent). Detroit is continuing its upward trend with prices improving 2.78 percent this month.
The biggest positive price changes were relatively small. The top three were Detroit (2.78 percent), San Francisco (2.34 percent), and Washington DC (2.28 percent). Only Las Vegas reported a decrease in price, which was minimal.
Las Vegas and New York were the only cities reporting price decreases on the three-month numbers, with Las Vegas decreasing 1.61 percent and New York decreasing 2.20 percent.
While the smoothed 90-day trends continue up, the weekly sample for Junehousing market showed a slight flattening of home prices. The biggest increases in prices were relatively small. The 7-day numbers have begun to flatten, which may indicate the end of the seasonal spike in prices. The 7-day trends are always the first indication of a shifting market and should be watched closely.