Tough April for Resale Markets
Metropolitan Monthly Monitors: Metro Resale Index May 2011
Metropolitan Monthly Monitors: Metro Resale Index May 2011
Urban City Economic Analysis
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- Tightening of federal mortgage-insurance rules hurt April resale activity. Sales fell from March levels in 23 of our 28 markets, and from a year earlier in 26 areas.
- The drop in sales in April added to vendors’ gloom. Although listings in April fell from March levels in only 9 markets, they trailed year-earlier levels in 19.
- Widespread drops in sales prompted the sales-to-listings ratio to fall in 24 of our 28 areas between March and April. The measure was below year-earlier levels in 18 locations. Nonetheless, 24 of our 28 markets remain “balanced.”
- Eroding market stances are trimming prices. Average values fell in 11 markets during April. But prices are still up on a year-over-year basis in 25 areas.
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