ALTOS RESEARCH | REALIQ: December 2009: REAL-TIME HOUSING MARKET UPDATE
© 2009 Altos Research LLC and Real IQ
Real-Time Housing Market Update
Published by Altos Research & Real IQ
December 8, 2009
The Altos Research 10-City Composite Price was down by 0.4% in November and
0.8% during the most recent three-month period.
The Composite effectively bottomed out in January at $470,017 and climbed
throughout the first half of the year to $509,030 in July before returning to a gradual
downward trend. Prices are likely to continue showing modest declines throughout
the seasonally weak fall and winter months of 2009.
Asking prices increased in just one of 26 markets - Miami. The previously strong
California markets all showed price declines during November.
The largest monthly drop in asking prices occurred in San Diego with prices falling
3.1%, followed closely by Salt Lake City which showed a 2.9% decline. Salt Lake
City experienced the steepest quarterly drop in asking prices – down 6.1%.
Listed property inventory declined in 22 of 26 markets tracked. The inventory
declines were largest in Boston and the Bay Area markets of San Francisco and San
All markets except San Francisco and San Jose had a median days-on-market of 100
or more in November. By far, the market with the slowest rate of inventory
turnover was Miami with a median of 225 days-on-market or more than seven
November Home Price Trends
The 10-City Composite Index was down 0.4% during November and 0.8% for the most
recent three-month period. The Index started the year in January at $470,017 and reached a
yearly high of $509,030 in July before falling to $499,267 in November. The downturn
would likely have been worse were it not for historically low mortgage rates and the federal
government’s home buyer tax credit which was recently extended beyond its November
Listing prices fell in 25 of 26 markets during November with Miami being the only