Home sale asking prices are down 0.45% and active inventory is down 3.16%, the result of monthly seasonal changes, in the Altos Research November Housing Market Update.
The Altos 10-city price composite of active sale listings for single family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas, Washington, D.C. and Denver is $456,454 in November, down from $458,518 in October and 23 of the 26 markets Altos tracks experienced monthly decreases, including Washington, DC (3.41%), San Diego (3.07%), and Salt Lake City (2.63%), respectively.
The company said housing markets can expect weekly declines in price, inventory and demand through the end of the year, adding that the first inklings of seasonal demand uptick will become visible in the third week of January.
Inventory of active home sale listings was down 3.16% to 273,752 units in the 10-city composite. The only markets to experience modest inventory increases were Miami, Washington, D.C. and Tampa, Fla. The biggest local inventory decreases were San Francisco (13.10%), Boston (11.55%), and San Jose (10.75%).
