| Listing Price Trend Is Less Positive for 10-City Composite |
| Written by Jonathan Smoke | |
| 05.13.2008 | |
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Discuss this article on the forums. (0 posts) Yesterday I spotted some light at the end of the tunnel when I saw that price and absorption trends in the listings of homes for sale where both moving in an upward direction. That was based on a 25-city national composite and powered by our new Home Sales Trends intelligence. One of our astute subscribers quickly pointed out to me that the 10-City Composite, which tracks the S&P Case-Shiller Index traded on the Chicago Mercantile Exchange, wasn’t so encouraging. The chart as of yesterday, courtesy of Altos Research, shows that while the 90-day price trend is slightly upward, the 7-day price trend fell through the 90-day trend in April and hasn’t recovered. Wall Street technicians would call that a bad technical sign. But, at least absorption trends are positive and even better for the 10 cities, which almost couldn’t have been better picked to represent the biggest housing bubble markets. The average days on market are also declining in both the 7-day and 90-day trends. If you are trading these composites, feel free to use our Housing Sales Trends intelligence to give you direction on where the indices are likely headed. From there you can choose to look at the 25-city composite or the 10-city composite. For more than 45 MSAs now covered by Altos, our subscribers can get market specific trend information as well. 
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