The Altos Research 10-City Composite Index was up by 1.3% in June and 3.9% during the most recent three-month period.For San Francisco real estate, specifically:
Prices increased in 22 of 26 markets with 21 markets currently showing three months of sequential price increases. Through the first half of 2009, listing prices for single family home rose materially in most of the country. There is some recent evidence, not yet reflected in the data in this report that the home price rebound peaked in early June, and prices may resume a decline for the near-term future.
The Altos 10-City Composite Index continues to highlight a shift in properties available on the market. The market has experienced some turnover at the low-end (two years after the first sub-prime collapse) while new properties on the market are shifting to the higher-end.
The California markets of Los Angeles and San Diego showed the largest monthly listing price increase with rises of 6.6% and 6.0% respectively. The largest monthly drop in asking prices occurred in Las Vegas with prices falling 2.1% but that was a markedly slower rate of decline than the 3.7% rate last month.
Listed property inventory increased in 16 of 26 markets and was down in 10markets. Although inventory grew in most markets during June, growth remained restrained with all markets showing increases of less than 4%.
All markets except Boston and San Francisco had a median days-on-market of 100 or more in May. By far, the market with the slowest rate of inventory turnover was Miami with a median of 262 days-on-market or more than eight months. The Altos 10-City
Price Index:
$697,376 - April
$720,060 - May
$742,596 - June
3.1% - % change May to June
6.5% - 3 mo. % change
Listing Inventory:
10,283 - April
9,302 - May
9,014 - June
-3.1% - % change May to June
-12.3% - 3 mo. % change
Average Days on Market:
96 - April
96 - May
94 - June
-1.4% - % change May to June
-1.9% - 3 mo. % change
SOURCE: ALTOS RESEARCH
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