Winans International - March’s New Housing Data Shows a Spring Thaw in Sales on Record Low Prices
NOVATO, Calif., April 25, 2011 /PRNewswire/ -- The worst residential real estate bear market in 69 years is slowly improving with a rebound in new home sales across the country.
Winans International Real Estate Index (WIREI) |
||||||
(December 31, 2010 to March 31st, 2011) |
||||||
U.S. |
West |
Northeast |
South |
Midwest |
||
Price |
(8%) |
(1%) |
(4%) |
(5%) |
(9%) |
|
Sales |
26% |
16% |
50% |
33% |
0% |
|
Listings |
(3%) |
(7%) |
(9%) |
0% |
(4%) |
|
New Housing Inventory = 6 months (–24% change) |
||||||
Length of Time for Sale = 9 months (8% change) |
||||||
30-Fixed Mortgage Rate = 4.8% (3% change) |
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The table above shows just how fragile the housing market is in light of record low mortgage rates. The high inventory levels continue to keep pressure on prices nationwide, and the next housing bull market is probably several years away.
"Since 1960, 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 President of Winans International and author of the award-winning book Investment Atlas.
The Winans International Real Estate Index (WIREI)™ is the only index that measures U.S. home prices from 1830 to present and posts new housing data without a 2-month lag found with other popular real estate indexes.
More information on the Winans International Real Estate Index can be found at www.winansintl.com. WIREI charts and data can be purchased from www.globalfinancialdata.com and www.srcstockcharts.com
SOURCE Winans International
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