Housing trends in the mid-sized US markets behave differently than housing trends in the major metropolitan areas. Markets like Pittsburgh never witnessed a huge bubble or burst during the housing run-up and crash. Because of the differences, Altos Research is now publishing a monthly 20-City Mid-Cities Report to capture and report those nuances.
The Mid-Cities Composite shows the same general trends in prices and inventory as the 20-City Composite (prices and inventory were up in both composites this month). Interestingly, the Mid-Cities Composite shows less volatility than the 20-City Composite over the past three years:
Year-over-year Market Ask Prices: Altos Mid-Cities Composite & Altos 20-City Composite since July 2008
The peaks and valleys in prices and inventory are not as pronounced in the Mid-Cities Composite. For example, inventory in the Mid-Cities Composite is up 2.28% over the past three months, and inventory in the 20-City Composite is up 9.03% over the same time period. The differences are illustrated in the chart below.
The cities in the Mid-Cities Composite: Albuquerque, Austin, Baltimore, Boise, Boulder, Charleston, Dover, Durham, Jacksonville, Honolulu, Memphis, Naples, Nashville, Orlando, Pittsburgh, Reno, Sacramento, St. Louis, San Antonio, and Ventura County, CA. Visit Mid-Cities Report for your own copy, or send an email to info@altosresearch.com with “Mid-Cities Report” in the subject line.
{ 3 comments }
Would you venture to say we're coming off the bottom?
Great post Jon! Yes, the real estate market of these two composites showing different ups in their inventories in the same period of time.
hi
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