Listings inventories increased in 17 of 26 markets tracked by Altos Research & Real IQ during June, while average days on market was up in 19 of 26 markets, the companies said.

Los Angeles and San Diego saw the largest jumps in inventory — 8.7 percent and 6.1 percent,  respectively — and Miami had the slowest rate of turnover with an average of 154 days on market.

Among other highlights of the Real-Time Housing Market Update, asking prices declined in only 11 of 26 markets.

The largest monthly drop in asking prices occurred in Las Vegas, with a 3.6 decline during June. Prices in Las Vegas fell by 7.2 percent over the past three months, an annualized rate of more than 28 percent, the report said.

Prices increased in 15 of 26 markets, with Denver leading the way with a 2.6 percent increase in June. Asking prices are up 6.4 percent in Denver over the past three months.

Average Days on Market

MSA

April

May

June

Pct. change month

Pct. change 3 Months

10 city composite

111

106

109

2.6%

-2.2%

Miami

153

152

154

1.3%

0.4%

Tampa

113

121

124

3.0%

10.0%

Detroit

143

128

122

-5.1%

-14.9%

Cleveland

114

119

115

-3.4%

0.7%

San Diego

78

89

114

27.4%

46.8%

New York

89

103

111

7.7%

25.7%

Las Vegas

126

117

111

-5.0%

-12.5%

Phoenix

106

110

110

0.4%

3.4%

Charlotte

100

103

108

5.0%

8.7%

Chicago

125

107

108

1.2%

-13.2%

Washington, D.C.

98

96

101

5.1%

2.8%

Indianapolis

96

99

98

-0.9%

1.7%

Minneapolis

114

99

97

-2.0%

-15.2%

Los Angeles

93

94

95

1.9%

2.8%

Philadelphia

82

88

95

7.1%

15.2%

Houston

92

91

92

1.1%

0.0%

Dallas

85

85

86

1.0%

0.9%

Seattle

85

85

85

0.7%

1.0%

Denver

89

86

85

-0.9%

-4.4%

Atlanta

74

78

84

6.9%

13.2%

Boston

87

81

83

2.6%

-3.7%

San Jose

76

80

82

2.6%

7.7%

Salt Lake City

72

76

79

3.7%

9.7%

Portland

77

81

79

-3.0%

2.3%

San Francisco

72

73

76

3.8%

5.1%

Austin

67

68

72

6.6%

7.5%

Source: Altos Research & Real IQ


***


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