(NOVATO, CA) -- The Winans International Real Estate Index says there is mixed news on the residential real estate front.
While progress is being made in leaving behind the worst residential real estate bear market in 67 years, this improvement is happening at a snail's pace.
Winans International Real Estate Index (WIREI) - Percentage Change Since December 31, 2008:
The table above shows that all regions have had declines in sales volume and in the number of listings during 2009.
The Winans International Real Estate Index (WIREI) showed a price advance for the first time since 2006, due to the Northeast region's 14% increase in 2009.
While this is encouraging news, housing's healing process still has a long way to go, says Ken Winans, creator of the WIREI and author of "Investment Atlas."
"A nationwide recovery in housing will probably not happen in 2010, and Winans International is staying clear of residential real estate investments at this time," Winans says.
"Past real estate bear markets ended when new housing inventory was below five months, and the median length of time to sell a new house declined to four months. It could easily take another year to dry up excess inventory and for mortgage credit to ease,"
The Winans International Real Estate Index measures U.S. new home prices from 1830 to present day.
Leave a comment