Markets Cool in February
Metropolitan Monthly Monitors: Metro Resale Index March 2011
Metropolitan Monthly Monitors: Metro Resale Index March 2011
Urban City Economic Analysis
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- Despite impending mortgage rule changes, February saw existing home markets cool. Sales were down from January in 19 of our 28 jurisdictions. That left volumes below year-earlier levels in 23 areas.
- Softening sales discouraged potential vendors. Listings were below January levels in 15 markets. Listings were down from year-earlier levels in 18 areas.
- Sagging sales eroded market stances. February’s sales-to-listings ratio lagged January’s in 21 areas and trailed year-earlier levels in 20. Still, despite this easing, 25 of our 28 markets remain in a “balanced” position.
- Softer markets tempered price growth. Monthly advances decelerated in 16 markets. On a year-over-year basis, however, 24 of 28 areas posted price increases in February.
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