“Prices of properties listed for-sale fell in 14 of 23 major markets…. Asking prices fell at the fastest rate in Chicago - down 3.9% during March - driven by a large increase in for-sale property inventory of 12.3%. The largest quarterly declines occurred in San Francisco and Las Vegas, off 5.3% and 5.2% respectively. Prices were also down by more than two percent for the quarter in San Diego, Detroit, Los Angeles, Tampa, Washington, D.C. and Minneapolis. Listing prices were up by at least one percent for the quarter in Charlotte, Dallas and Houston….

For-sale listed property inventories increased in 17 of 23 markets during March and all markets showed increases during the first quarter. The Altos 10-City Composite experienced an increase of 4.7% for the month and 7.4% during the first quarter….

For the Altos 10-City Composite, the average days-on-market was 118 – an improvement from 121 in February and 124 in January. Miami and Detroit experienced the longest time-on-market spans with an average days-on-market of 146. San Francisco led all markets with the fastest rate of inventory turnover at an average of 65 days-on-market, followed closely by Austin at 67 days. Listing price reductions by San Francisco sellers over the quarter appears to be stoking demand and reducing average time-on-market.”
I had the pleasure of meeting Mike Simonsen and Scott Sambucci at last week’s RETechSouth conference. If you have any thoughts or ideas about the possibility of incorporating the listings’ real time “pulse” of activity into our HousingIntelligence content, please comment or send us an inquiry. Listings are only part of the picture, but they are the best read of what’s happening now—not last quarter—with home prices.