Altos Research conducts a regular 10-city survey on single family homes in the markets of San Francisco, San Diego, Miami, Las Vegas, Washington DC, Boston, Chicago, New York, Los Angeles, and Denver. It also monitors and provides individual city reports on 26 cities in the U.S.
The homes listed for sale in the 10 composite index cities in October fell 4.64%. In addition, only 3 of the 26 cities that are tracked had increases in on market inventory in October including San Diego, Las Vegas and Phoenix. Cities with double-digit drops in inventory included Washington DC (16%) and Austin, TX (10% decrease). It is possible that the declines in inventory is a sign that these markets are beginning to settle.
Home prices fell in the composite markets by 1.60% in October. The median price among these cities was $468,518. The largest decrease among the 10 in the composite was San Diego where single family home prices fell 3.28% in October. Other significant declines were experienced in... Click here to read the rest of this article about real estate investing and the inventory of homes
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