Source: Winans International Real Estate Index
NOVATO, CA - While investors didn't greet the mixed results of The Case-Shiller Index through May 31st with 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%.
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," says Ken Winans, the President of Winans International and author of the award-winning book "Investment Atlas".
The Winans International Real Estate Index (WIREI)™ is the only index that measures U.S. home prices from 1830 to present and posts new housing data without the 2-month lag found with other popular real estate indexes. More information on the Winans International Real Estate Index can be found at www.winansintl.com