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| The “Ask” Side of Home Prices Has Stopped Sliding |
| Written by Jonathan Smoke | |
| 05.12.2008 | |
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Discuss this article on the forums. (0 posts) One of the best leading indicators of what home prices will do in actual home closings is what is happening with listings. The view of the “ask” side of home prices (the price at which homes are listed) is showing that the trend is now positive. For proof, look at the 7-day and 90-day price trend in our new Home Sales Trends page, which is powered by Altos Research. As you can see from the captured chart for a national 25-city composite, the 90-day trend bottomed in late March and is slowly trending higher. Also encouraging in the 11 metrics we track is the slight upward trend in the amount of listings absorbed. On the flip side, the level of inventory is still creeping higher as is the average days on market. Also, Altos’ “Market Action” index is still in a decidedly “Buyer’s Market” territory. We are proud to announce that we now feature these great real-time indicators of housing market trends. Anyone can follow the national trends through the Home Sales Trends page. Our enhanced subscribers can also access local market coverage for over 40 MSAs, and as Altos adds new markets, we will expand with them. Check out our FAQs to see if your market is covered. Subscribers with national access can follow the trends in every market covered! This is the first of many major enhancements to come as we build out our platform for providing the best local and national housing intelligence. In the case of real-time metrics based off listings data, there was no need for us to recreate the wheel—we only needed to partner with Altos Research. For those of you interested in housing futures, the 25-city composite we are using for our national view matches the markets covered by Radar Logic. You can also see the S&P Case-Shiller 10-city composite as well. Why is this valuable? The Altos metrics are correlated with the indices but are three months ahead of the published indices. This new market trend information is a perfect complement to our comprehensive historical and forecast metrics available to all enhanced subscribers. 
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