New Home Prices Continue to be Weak in 2010
NOVATO, Calif., July 27 /PRNewswire/ -- While progress is being made in leaving behind the worst residential real estate bear market in 68 years, this improvement is moving at a glacial pace.
Winans International Real Estate Index (WIREI) |
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Percentage Change Since December 31, 2009: |
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U.S. |
West |
Northeast |
South |
Midwest |
||
Price |
(3.2%) |
(0.9%) |
(1.1%) |
(2.3%) |
(5.2%) |
|
Sales |
25% |
0.0% |
33% |
23% |
66% |
|
Listings |
(8.6%) |
(6.3%) |
(3.9%) |
(5.9%) |
(18%) |
|
New Housing Inventory = 7.1 months |
||||||
Length of Time for Sale = 12.4 months |
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The table above shows a mixed picture. All regions have had declines in housing prices and maintained stubbornly high inventory levels so far in 2010. The good news is that sales have dramatically increased, and while this is encouraging news, housing's healing process still has a long way to go.
"Even with government stimulus, a nationwide recovery in housing will probably not happen in 2010, and Winans International is staying clear of residential real estate investments at this time. Past real estate bear markets ended when new housing inventory was below 5 months, and the median length of time to sell a new house declined to 4 months. It could easily take another year to dry up excess inventory and for mortgage credit to ease," says Ken Winans, the firm's President and author of the award-winning book Investment Atlas.
The Winans International Real Estate Index (WIREI) measures U.S. new home prices from 1830 to present day. More information on the Winans International Real Estate Index can be found at www.winansintl.com & www.investmentatlas.com. Data can be purchased from www.globalfinancialdata.com
SOURCE Winans International
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