The spring thaw is upon us! A seasonal uptick in both median prices and inventory has appeared in most metropolitan areas across the country. Price increases are apparent in 24 of the 26 tracked markets, and inventory increases are apparent in 23 of the 26 tracked markets.
Despite this month’s headlines reporting Q1’s home price lows, the Altos Research real-time data shows near-term price strength.
The week-over-week median prices have been increasing for a few months now, and the 90-day rolling average is now reflecting the same trend. Indices like the S&P/Case-Shiller will report this shift when it appears in their transaction data later this summer.
The historical view tells us a seasonal increase in activity is expected at this time of year. Regardless of what’s happening in the economy as a whole, we see a seasonal spike in both median prices and inventory when the country starts to thaw from the winter months. The Altos Research 20-City Composite trends are displayed in the chart below
Of the 26 markets covered in the report, here are the notable real estate market trends for April:
- The Altos national index median price was $440,194 in April, up 1.82% from $432,307 in March.
- Austin, Boston, Philadelphia, San Francisco, and Washington D.C. all showed double-digit inventory increases.
- Boston posted the biggest inventory increase at 19.18%.
- The leaders in the price increase category were in “Sunshine States” – San Francisco (4.87%), San Jose (4.32%), Phoenix (3.30%), Denver (3.23%), and DC (3.04%).
- The 7-day and 90-day averages are both trending upwards for median prices and inventory. The 7-day trends are always the first indication of a shifting market and should be watched closely.
- Prices were flat in New York, Philadelphia, Portland, Salt Lake City, Seattle, and Tampa.
- Las Vegas and New York were the only markets showing a decrease in inventory, and the decreases were modest (-1.05% and -0.26%, respectively).
Trends: April Home Prices
The housing market in April showed a modest increase in home prices (1.82%). The winner for the biggest price increase is the San Francisco Bay Area. San Francisco posted a 4.87% increase, and San Jose posted a 4.32% increase month-over-month. It’s not uncommon for home prices in California markets to react with more volatility than the national average, due to chronic shortage conditions.
The biggest decrease in home prices was posted in Las Vegas, and it was a small decrease at -1.05%. Only two markets in the index showed a decrease in prices (Las Vegas and New York). Compared to the big price drops over the past six months, this is welcome news for sellers.
Altos Research Price Composite
| MSA | February ’11 | March ’11 | April’11 | % Change MoM | % Change 3 months |
| National Composite | $433,573 | $432,307 | $440,194 | 1.82% | 1.53% |
| Atlanta | $184,355 | $182,276 | $184,390 | 1.16% | 0.02% |
| Austin | $267,951 | $268,542 | $274,754 | 2.31% | 2.54% |
| Boston | $443,250 | $446,827 | $455,199 | 1.87% | 2.70% |
| Charlotte | $209,701 | $209,975 | $212,984 | 1.43% | 1.57% |
| Chicago | $278,112 | $277,234 | $280,034 | 1.01% | 0.69% |
| Cleveland | $154,200 | $154,022 | $155,878 | 1.20% | 1.09% |
| Dallas | $205,681 | $205,967 | $211,721 | 2.79% | 2.94% |
| Denver | $303,514 | $305,810 | $315,674 | 3.23% | 4.01% |
| Detroit | $125,143 | $124,152 | $125,822 | 1.35% | 0.54% |
| Houston | $208,800 | $209,924 | $213,676 | 1.79% | 2.34% |
| Indianapolis | $154,636 | $155,159 | $158,482 | 2.14% | 2.49% |
| Las Vegas | $144,685 | $143,189 | $141,682 | -1.05% | -2.08% |
| Los Angeles | $581,805 | $579,009 | $586,835 | 1.35% | 0.86% |
| Miami | $410,476 | $413,322 | $421,714 | 2.03% | 2.74% |
| Minneapolis | $237,745 | $237,630 | $241,596 | 1.67% | 1.62% |
| New York | $566,616 | $564,760 | $563,288 | -0.26% | -0.59% |
| Philadelphia | $307,567 | $306,884 | $307,467 | 0.19% | -0.03% |
| Phoenix | $215,518 | $217,768 | $224,949 | 3.30% | 4.38% |
| Portland | $282,434 | $281,477 | $282,890 | 0.50% | 0.16% |
| Salt Lake City | $289,578 | $288,967 | $290,967 | 0.69% | 0.48% |
| San Diego | $584,979 | $579,000 | $588,135 | 1.58% | 0.54% |
| San | $594,805 | $598,029 | $627,132 | 4.87% | 5.43% |
| San Jose | $648,839 | $656,221 | $684,579 | 4.32% | 5.51% |
| Seattle | $334,190 | $331,838 | $333,127 | 0.39% | -0.32% |
| Tampa | $176,127 | $174,843 | $175,015 | 0.10% | -0.63% |
| Washington | $423,518 | $422,948 | $435,795 | 3.04% | 2.90% |
Trends: Housing Supply
The housing market in April showed a substantial increase in inventory (11.45%). The top five markets for monthly inventory increases are Boston (19.18%), San Francisco (12.06%), Austin (11.46%), Washington DC (11.00%), and Philadelphia (10.29%). Notably, two of those markets rank in the top five for increases in median prices as well (San Francisco and Washington DC).
Sellers are entering the market at lightning speed to take advantage of the spring buying activity. The only markets showing a decrease in inventory were Phoenix (-7.40%), Miami (-5.55%), and Salt Lake City (a nominal -0.02%).
| MSA | February ’11 | March ’11 | April ’11 | % Change MoM | % Change 3 months |
| National Composite | 264,938 | 272,805 | 304,045 | 11.45% | 14.76% |
| Atlanta | 35,636 | 35,852 | 36,578 | 2.02% | 2.64% |
| Austin | 9,137 | 9,650 | 10,756 | 11.46% | 17.72% |
| Boston | 12,585 | 14,597 | 17,397 | 19.18% | 38.24% |
| Charlotte | 13,322 | 13,794 | 14,294 | 3.62% | 7.30% |
| Chicago | 50,490 | 52,279 | 54,119 | 3.52% | 7.19% |
| Cleveland | 12,636 | 12,943 | 13,847 | 6.98% | 9.58% |
| Dallas | 32,058 | 32,995 | 34,090 | 3.32% | 6.34% |
| Denver | 13,590 | 13,900 | 14,072 | 1.24% | 3.55% |
| Detroit | 24,024 | 23,056 | 23,254 | 0.86% | -3.21% |
| Houston | 33,170 | 33,447 | 35,715 | 6.78% | 7.67% |
| Indianapolis | 12,218 | 12,512 | 13,215 | 5.62% | 8.16% |
| Las Vegas | 22,261 | 22,383 | 22,577 | 0.87% | 1.42% |
| Los Angeles | 36,556 | 36,504 | 38,748 | 6.15% | 6.00% |
| Miami | 28,895 | 28,428 | 26,851 | -5.55% | -7.07% |
| Minneapolis | 15,399 | 15,390 | 16,572 | 7.68% | 7.62% |
| New York | 63,111 | 66,591 | 73,055 | 9.71% | 15.76% |
| Philadelphia | 23,607 | 25,421 | 28,037 | 10.29% | 18.77% |
| Phoenix | 30,122 | 27,816 | 25,757 | -7.40% | -14.49% |
| Portland | 12,502 | 12,142 | 12,500 | 2.95% | -0.02% |
| Salt Lake City | 5,873 | 5,827 | 5,826 | -0.02% | -0.80% |
| San Diego | 10,039 | 10,400 | 10,664 | 2.54% | 6.23% |
| San Francisco | 8,901 | 9,020 | 10,108 | 12.06% | 13.56% |
| San Jose | 4,433 | 4,475 | 4,822 | 7.75% | 8.78% |
| Seattle | 19,330 | 19,341 | 20,455 | 5.76% | 5.82% |
| Tampa | 20,459 | 20,668 | 21,425 | 3.66% | 4.72% |
| Washington DC | 17,731 | 18,443 | 20,471 | 11.00% | 15.45% |
Methodology
The Altos Research Real-Time Housing Report gives you unfettered, up- to-the-minute data relative to housing market conditions in major markets around the nation. The Altos report is comprised of data that can be used now, not aging, months-old statistics that mean nothing in a market that’s in a constant state of flux. Altos Research uses metrics associated with active residential property listings to give you real-time information. We give you the market as it is, not as it was.
Each “market” measured is equivalent to the Census Bureau’s Metropolitan Statistical Area (MSA) dominated by the city listed. Properties analyzed in the data include repeat sales of single-family homes, but not condominiums, town homes, or new construction homes. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case-Shiller Index.
The Altos 20-City Composite is based on single family homes in Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington DC.
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