June's Housing Data Shows Solid Improvement Over Last 12-Months
Press release from the issuing company
Thursday, July 28th, 2011
While investors didn't greet the mixed results of The Case-Shiller Index throughMay 31stwith much enthusiasm, June's housing data paints a very different picture. The Winans International Real Estate Index (WIREI) increased 3.6% in June and posted a 12-month increase of 5.9%.
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Winans International Real Estate Index (WIREI) |
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(June 30th, 2010 to Jun 30, 2011) |
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U.S. |
West |
Northeast |
South |
Midwest |
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|
Price |
6% |
(1%) |
(12%) |
3% |
8% |
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|
Sales |
4% |
20% |
(33%) |
6% |
25% |
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|
Listings |
(23%) |
(24%) |
(21%) |
(21%) |
(25%) |
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New Housing Inventory change (25%) |
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Length of Time for Sale change (20%) |
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30-Fixed Mortgage Rate change (4%) |
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The table above shows that there is general improvement in new home price, sales and inventory levels. However, it is lopsided with the Midwest region performing best and the Northeast lagging. Tight credit conditions continue to keep pressure on price appreciation, and the next bull market in housing is probably several years away.
"Since 1960, past real estate bear markets ended when new housing inventory was below 5 months, and the median length of time to sell a new house declined to 4 months. Today's figures are still well above those historical levels. Simply put, this housing recovery will continue to be slow going. It could easily take another year to dry up excess inventory and for mortgage credit to ease," saysKen Winans, the President of Winans International and author of the award-winning book "Investment Atlas".
