Tuesday, April 13, 2010

MRIS March 2010 Sales Report: Preliminary data

While I was in New Orleans this past weekend, MRIS released March's data for sales of existing homes in the District. Prices continue to fall. Key points [YoY]:

  • Dollar volume up 24.94%
  • Average price is down 7.51%, median is down 5.6%
  • Unit sales volume [aggregate] is up 35.09%
  • Home unit sales up 48.84%; 30 homes sold for more than $1MM.
  • Condo unit sales are up 18.68% YoY, but prices fell 11.67% despite 12 condos selling for more than $1MM.

Sales prices were 92.67% of list, as in February [how likely is that?]. There is a 7.41 month supply of condos and 4.67 month supply of homes listed for sale.

Analysis forthcoming.

Thursday, April 01, 2010

S&P/Case-Shiller: January 2010 report

The S&P/Case-Shiller Home Price Indices report for January 2009 was released this week. The report shows "that the annual rates of decline of the 10-City and 20-City Composites improved in January compared to December 2009. In fact, the 10-City Composite is unchanged versus where it was a year ago, and the 20-City Composite is down only 0.7% versus January 2009. Annual rates for the two Composites have not been this close to a positive print since January 2007, three years ago."
“The report is mixed. While we continue to see improvements in the year-over-year data for all 20 cities, the rebound in housing prices seen last fall is fading. Fewer cities experienced month-to-month gains in January than in December 2009, on both a seasonally adjusted and unadjusted basis.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s... Other recent data on housing also paint a mixed picture. Housing starts continue at extremely low levels, recent reports of home sales suggest the market remains difficult, and concerns remain about further foreclosures and a large shadow inventory of unsold homes. We are in a seasonally weak part of the year, but given the S&P/Case-Shiller Home Price data reported today, we can’t say we’re out of the woods yet.”

For the DC area, it looks like prices have stalled. Although up 3.52% YoY in January for the second consecutive month, after monthly declines since September 2006, the monthly price increases have stopped and actually declined 0.45% in January.

The charts below reflect home price data for the Washington, DC MSA.