We’re not out of the woods yet and the market trends tell us we’re settling in for a long, cold winter.
That’s the takeaway from the latest Altos Mid-Cities Report. This month prices decreased in 13 of the 20 markets and inventory decreased in all but one. The market trends indicate a further cooling of the market as we approach the fall.
The median price was $255,093 in mid-September, down from $256,021 in mid-August (-0.36 percent). For comparison, the Altos 20-City composite median price was down to $447,679 in August from $450,176 in July.
Eleven markets had decreasing prices at the three-month level. The three largest decreases were Naples (-3.15 percent), Pittsburgh (-2.76 percent), and Charleston (-1.20 percent). The largest one-month decrease in inventory was Naples, with a 6.93 percent decrease.
The leaders in the three-month price increases are Durham (5.69 percent), Boulder (4.40 percent), and Reno (2.93 percent). Durham had the largest one-month increase in median price, with a 1.68 percent increase to $280,313.
The inventory in the mid-cities composite was down this month, with 18 of 20 markets showing decreased inventory. Last month, there was a 1.79 percent decrease in inventory. Over a three-month period, inventory hasdecreased 2.08 percent. The Altos national composite also showed decreased inventory over one month and three-month time periods. Inventory decreased 0.55 percent over one-month and 0.71 percent over three-months.
The largest one month increase in inventory was Boulder, with a 1.57 percent increase. Boulder was one of two composite markets that didn’t experience a decrease in inventory last month.