Asking prices drop in 22 major markets

By Inman News, Tuesday, November 11, 2008.

Asking prices in 22 of 26 major U.S. markets tracked by Altos Research and Real IQ declined between September and October, with Las Vegas posting the largest decrease for the seventh straight month at -3.7 percent.

Despite falling in most major markets, asking prices were up 0.7 in Denver and 0.6 percent in Houston -- the only markets showing three months of sequential price increases, the report found. Seattle asking prices held steady during the period.

Listed property inventories declined in 23 of 26 markets, with the largest declines in Boston and Charlotte. Widespread inventory declines have continued for many months, but, as demonstrated by declining prices, the pace of supply contraction has not kept up with the falloff in market demand, according to the report.

The market continues to slow as the average days on market increased in all 26 markets, with 23 markets posting average days on market of 100 or more. By far, the market with the slowest rate of inventory turnover was Miami at an average of 172 days on market. Market turnover in Miami is literally twice as slow as in San Francisco, which had the fastest turnover at an average of 86 days.



Altos Research Price Index





MSA /Aug-08/ Sep-08/ Oct-08 /% Change Last Month /% Change Over 3 Months

Philadelphia /$318,598/ $314,484 /$310,218 /-1.40% /-2.60%

Washington, D.C./ $471,620 /$465,213 /$459,433/ -1.20% /-2.60%

Boston /$462,802/ $457,921 /$455,881 /-0.40%/ -1.50%

Chicago /$349,026 /$345,601 /$344,148/ -0.40%/ -1.40%

New York /$622,726/ $622,332/ $619,732 /-0.40%/ -0.50%

Las Vegas/ $262,413/ $253,292 /$243,830 /-3.70% /-7.10%

Detroit/ $179,132/ $174,483 /$170,765 /-2.10%/ -4.70%

Phoenix /$363,101 /$355,271 /$348,327/ -2.00% /-4.10%

Tampa /$248,979/ $245,817 /$241,583 /-1.70%/ -3.00%

Miami /$452,801 /$445,986 /$440,580 /-1.20%/ -2.70%

Los Angeles/ $653,202 /$644,602 /$637,769 /-1.10%/ -2.40%

Atlanta /$238,486 /$236,473 /$233,990 /-1.00% /-1.90%

Austin /$306,368 /$304,553 /$303,911 /-0.20% /-0.80%

San Diego /$685,453 /$690,954/ $690,571 /-0.10% /0.70%

Seattle /$468,763 /$468,494/ $468,267/ 0.00%/ -0.10%

Dallas/ $235,923 /$235,835 /$236,567/ 0.30% /0.30%

Houston/ $216,918 /$217,113/ $218,424 /0.60% /0.70%