According to analysis from Radar Logic, the housing market is showing increasing signs of stabilization and short-term trends indicate supply and demand are returning to normal. The RPX Monthly Housing Market Report reflects the 28-day aggregated value of Radar Logic’s daily price index, along with other key housing data. The report finds that, though year-over-year prices have fallen, the month-over-month decline in September was less than it has been since 2006. Quinn W. Eddins, Radar Logic’s director of research, writes in the report that price declines occurred due to a persistent imbalance of supply and demand in the market and, though inventory is still high, the National Association of Realtors’ estimate of homes for sale shows an 8-month supply at the current sales pace, down from a peak of 12 months. The report also notes an increase in demand. According to analysis of 25 metropolitan areas, there was a 15.4 percent year-over-year increase in homes sales through September, the largest increase for the month since 2003. More here.
