Despite a 90-day rolling average showing monthly housing declines, week-over-week data are starting to show signs of improvement, according to the latest monthly report by Altos Research.
As of March 2, Altos' 20-City Composite showed that weekly median home prices transitioned above the 90-day rolling average at about $340,000 after being below the average for about six months.
According to Altos, this trend indicates stronger price resiliency than 2010 and stable home prices through the summer.
Altos said this is positive news for the beginning of the spring season, which is the strongest sales period of the calendar year.
Other highlights from the report showed that in February, home prices continued their pattern of overall decline. The Altos 10-City Price Composite had a month-to-month decrease by 2.01% to $433,573. Over the last 90 days, there has been a 3.44% decline.
All 27 of the major markets tracked by Altos in its report showed price decreases during the most recent quarter. The most significant areas that saw price differentials were San Francisco with 9.31%, Washington D.C. at 8.13%, and Detroit at 5.65%.
New York City had the lowest quarterly difference at 0.13%, followed by Phoenix at 0.61% and Miami at 1.27%.
he report also revealed that housing inventory is up by 3.75% nationwide. Altos said this figure was expected due to inactivity in the industry during the holiday season and sellers now hoping to capitalize on seasonal upturns in real estate.
