House Price Index provides view of housing price trends based on neighborhood level dataMortgagePress.comIntegrated Asset Services LLC, house price index, home sales, demographics, IAS360 House Price Index
Integrated Asset Services LLC (IAS), a default management and
residential collateral valuation, has launched its monthly-reported
IAS360 House Price Index. The new Index represents a representation
of U.S. housing market trends at a county level. In its first
release, IAS360 House Price Index April data shows that while many
areas of the country are still feeling the pinch of the credit
crunch there are measurable improvements in some of the nation's
hardest-hit areas.
The new IAS360 House Price Index is a comprehensive housing
index tracking monthly change in the median sales price of detached
single-family residences in more than 15,000 "neighborhoods" across
the U.S. This data is then rolled up to report on the changes in
360 counties, nine census divisions, four regions, and the nation
overall. The timeliness of the data, which is based on all
arms-length transactions occurring in underlying neighborhoods,
makes the IAS360 the leading indicator for housing price trends in
the U.S.
"Given the granularity, the methodology, and the timely monthly
reporting of the IAS360, we are able to provide the market with
early warning signs on housing price trends," said David McCarthy,
president and CEO of IAS. "When the housing markets are rosy, a
50,000 foot view may be acceptable. But when we are facing
tumultuous markets, we need to go deeper to understand what is
truly going on to make smart decisions."
The IAS360 April data demonstrates the significance of this
granular approach to housing price analysis. Data through the end
of the month shows improvement in some of the most depressed areas
of the country, even while others that have been somewhat sheltered
from the credit crisis are just beginning to feel its impact. On a
national level, the housing picture is still challenging, with
April year-over-year sales declining -9.72 percent overall; sales
declined -1.82 percent on top of a .04 percent drop the previous
month.
But at the same time, the picture at the regional level is far
more encouraging--the Northeast and the Southern regions moved to
the black in April while the Midwest region rebounded nicely with a
5.90 percent gain in median sales price. The Western region,
meanwhile, was the hardest hit, witnessing a 5% drop in home sales
in April coming off of a 5% increase the previous month.
"The key is that the generalized view of the market being
reported in the news today doesnt paint the full picture for
consumers and investors," continued McCarthy. "The residential real
estate market is a local phenomenon and it is important to analyze
it as such. Looking at the more granular data provided by the
IAS360 actually demonstrates pockets of opportunity."
According to recently released data from S&P/Case-Shiller,
Las Vegas continues to share the distinction of being one of the
weakest markets over the past 12 months through February on a macro
level. However, the IAS360 shows two months of consecutive
improvement in housing prices in Las Vegas' Clark County, one of
the largest counties in Nevada.
Additionally, Arapahoe County in Colorado posted a 1.38 percent
increase for the month of April, despite a year-over-year decline
of -9.30 percent. During the same time period Riverside County,
California and Maricopa County, Arizona have begun to show signs of
leveling off after experiencing double-digit declines in
year-over-year housing prices.
"The market is truly segmented at every level, the region, the
county, and down to an individual neighborhood. An index that can
truly show pricing at the neighborhood level for most of the nation
is a very promising and timely development," said Steve Murray,
editor at Real Trends. "The IAS360 index is a significant step
forward for those following the housing market."
Moving forward, the new IAS360 House Price Index will be
reported on a monthly basis. The next analysis covering housing
trends from May data will be released during the first week of
July.
For more information, visit www.iasreo.com.
