Markets Perked Up in January
Metropolitan Monthly Monitors: Metro Resale Index February 2011
Metropolitan Monthly Monitors: Metro Resale Index February 2011
Urban City Economic Analysis
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- Impending mortgage rule changes energized existing home markets in January. Sales rose from their December levels in 20 of our 28 markets.However, volumes continue to lag year-earlier levels in 22 areas.
- Firmer conditions are attracting more sellers. January listings were up month-over-month in 20 markets, including 12 where the gain was at least 5 per cent. Listings now trail year-earlier levels in only 12 areas.
- Markets continue to firm. January’s sales-to-listings ratios were higher than December’s in 17 areas. Still, the ratios were below year-earlier levels in 22. Despite a rising sales-to-listings ratio, most of our markets (23 of 28) remain in a “balanced” position.
- The healthier markets of recent months have prompted faster price growth. In January, 24 of 28 markets posted year-over-year increases in prices—and 17 of those posted gains above 4 per cent.
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