The Altos Research Mid-Cities Report has found that June home prices increased in 17 of 20 surveyed markets, and inventory increased in 14 of those 20 markets. The report showed signs of continued price strength a few weeks ago. The final results of the study indicate some flattening, which could indicate a loss of momentum in the upward price trajectory (even though the one-month and three month numbers are still strong). The next few weeks will be telling for the near-term future of the U.S. housing market according to Altos Research.
Some highlights of the report include:
►The median price was $255,836 in June, up 0.70 percent from $254,046 in May. For comparison, the Altos national composite median price was up 1.37 percent in June, from $444,273 to $450,358.
►The market leaders in the three-month price increases are Boulder, Colo. at 8.81 percent; Orlando, Fla. at 5.33 percent and Boise, Idaho at 4.14 percent.
►Only three markets had decreasing prices over three months, Dover, Del. at -0.90 percent; Honolulu, Hawaii at -0.78 percent and Naples, Fla. at -0.40 percent.
►Boulder, Colo. had the largest one-month increase in median price, with a 4.58 percent increase.
►The largest one-month decrease in inventory was Naples, Fla. with a 5.73 percent decrease.
►The largest one-month increase in inventory was Baltimore, Md. with a 4.47 percent increase. Austin, Texas was a close second with a 4.23 percent rise.
The mid-cities markets experienced an increase in median prices across the board in June. The biggest price increases were seen in Boulder, Colo. at 4.58 percent; Orlando, Fla. at 2.22 percent; and Boise, Idaho at 2.10 percent. The largest price gain over a three-month period was in Boulder, Colo. where an 8.81 percent increase was seen.
Only three of the 20 markets had price decreases in the past month, compared to only two of them in May. All three of the decreases were nominal—Dover, Del. at -0.60 percent; Naples, Fla. with a 0.48 percent dip; and Honolulu, Hawaii with a 0.08 percent drop.
The inventory in the mid-cities composite was up this month, with a small increase of just under one percent (-0.95 percent). Over the past three months, inventory has increased 3.08 percent. Compared to the national composite—showing a 1.37 percent month-over-month increase—a slightly smaller percentage increase. The cities with the largest one-month increases were Baltimore with a 4.47 percent jump; Austin, Texas with a 4.23 percent rise; and St. Louis, Mo. with a 3.39 percent rise. There were significant inventory decreases in both Orlando, Fla. with a 9.79 percent drop and in Naples, Fla. with a 9.53 percent drop. Orlando, Fla. and Naples, Fla. also saw significant decreases in inventory in May with decreases of -2.32 percent and -4.95 percent, respectively. The biggest three-month gains in inventory were Baltimore, Md. with a 10.23 percent rise; Austin, Texas with a 10.13 percent rise; and St. Louis, Mo. at 8.64 percent gain. These three cities saw the biggest three-month gains in inventory in May as well.