New numbers show that housing market conditions are starting to trend upward.
New numbers show that housing market conditions are starting to trend upward, according to Radar Logic.
According to the September 2011 RPX Monthly Housing Market Report released today, the RPX Composite Price declined 4.4 percent during the 12 months ending September 29, 2011. The RPX Composite price, which tracks housing values in 25 metropolitan areas across the United States, has been exhibiting year-over-year declines in excess of four percent since February.
Despite this, there are signs that supply and demand are starting to return to historical levels. Demand appears to be increasing, with the 25 metropolitan area RPX transaction count posting a 15.4 percent year-over-year increase in September, the largest September-to-September gain since 2003. Inventories are trending down, with realtors reporting a 13.8 percent year-over-year decline in existing-home inventory in October and the Mortgage Bankers Association reporting a decline in distressed inventory from 13.52 percent of mortgage loans in October 2010 to 12.42 percent of mortgages in October 2011.
Based on these trends, Radar Logic expects the year-over-year trend in U.S. housing prices to remain negative for some time, but the rate of decline will slow until prices finally touch bottom.
For more information, go to Radar Logic’s website.