Most housing market data sources are based on closed transactions which introduces a lag factor in the data. A property will spend anywhere between 30-45 days under contract (or in escrow depending on the state) and then the data is compiled by a property data vendor. This usually takes another 30 days or more depending on the county where the transaction occured.
Altos Research compiles its data based on current for-sale property listings collected from across the Internet. Therefore price trends, listing inventory growth and other key metrics show up immediately in the Altos data. Their price index correlates closely to the S&P/Case Shiller Index. Real IQ provides the analysis component.
This report will be highly valuable to housing market investors that want a leading indicator for the major markets. Below are some of the highlights from the December report that summarize November market data:
l Nationally, the housing market continued to experience the widely-publicized pressure this month but a handful of cities have managed to buck the downward trend. Inventory levels displayed seasonal declines in many markets.
l Time-on-market continued to increase substantially, indicating that the decline in demand continues to outpace inventory reductions.
l In San Diego, the first effects of the October wildfires became visible in pricing, inventory and time-on-market trends. Prices fell in San Diego by 5.8% during the last three months.
l Significant price decreases were also observed in Detroit, Los Angeles, San Francisco and Las Vegas.
l Miami experienced the longest time-on-market spans with an average days-on-market of 137 in November. Minneapolis had the second highest average days-on-market at 125.
l Three markets maintained price stability this Autumn – New York, Denver, and Dallas – though weakening demand indicators do not bode well for the near term.