January home price index reaches new low

RPX Composite Home Price Fell to Lowest Level since April 2003

Radar Logic published it’s Housing Market Report for January showing that it’s “RPX Composite Price” fell 3.8 percent from December and 3.4 percent from the year before. Radarlogic attributes some of the price decline from the prior month to seasonal factors however says the year over year decline was “driven by market fundamentals.” “The supply of homes for sale and potentially for sale is very large relative to demand, and it continues to be fed by high rates of mortgage defaults and foreclosures (notwithstanding recent declines in foreclosure filings as the mortgage servicing industry responds to allegations of improper procedures). At the same time, demand for homes is constrained by tight lending standards.”

Highlights from the report:

  • The month-over-month change in the RPX Composite price through January 2011 suggests that housing markets have yet to turn the corner from crisis to recovery.
    • The month-over-month decline in the RPX Composite price through January 20 was large relative to changes over the same period during the last ten years.
  • The RPX Composite transaction count (sales) declined rapidly from December to January in accordance with its seasonal pattern but the decline was less severe than it usually is at this time of year.
    • The RPX Composite transaction count, which reflects the number of transactions used to calculate the RPX Composite price, declined 19.4 percent month over month and 1.6 percent year over year through January 20.
  • RPX prices declined on both a month-over-month and year-over-year basis in most of the metropolitan areas tracked by Radar Logic. New York was a notable exception.
    • Twenty-four of the 25 metropolitan areas tracked by Radar Logic exhibited year-over-year declines in home prices. RPX prices for Atlanta, Jacksonville and Milwaukee posted the largest year-over-year declines.

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