Highlights from this month’s report (available at http://www.pacificsothebysrealty.com/)
• The 10-City Composite is now at $448,996, off 1.63% from last November 2010.
• All 27 of the major markets tracked by the report showed seasonal price decreases. Most were relatively minor, with the steepest declines seen in San Francisco (down 4.77%), San Diego (down 3.71%), and Minneapolis (down 3.16%), respectively.
• Housing inventory is off by 5.89% nationwide, with dramatic decreases in several major markets, including Boston, San Francisco, and Seattle.
This month’s featured chart highlights the difference in pricing of newly listed properties vs. the prices of the market as a whole. Note two trends in the following chart: First, the major January 1 dip implies a weaker Q1 than in 2009 or 2010 when the federal tax credit artificially boosted buyers. Next notice that the first inklings of the stability for the full year will be evident before January completes.
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