The Mid-Cities Report provides a glimpse into real estate market trends for mid-sized US markets not commonly reported in the media. This month prices decreased in 13 of the 20 markets, and inventory decreased in 19 of the 20 markets. The market trends indicate a further cooling of the market as we approach the fall. Our Altos 20-City Composite National Report confirmed the loss of momentum from summer market activity earlier this month. Transaction statistics published by S&P/Case-Shiller will show the same loss of momentum in a few months.

1. Altos Research – September 21, 2011
Altos Research Mid-Cities Report
Real-Time Housing Market Update
September, 2011
“Dr Ray Stantz: My parents left me that house. I was born there.”
“Dr. Peter Venkman: You're not gonna lose the house, everybody has three
mortgages nowadays.” -Ghostbusters
Three mortgages would have been extreme, even in the boom days of
the 2000s. Nonetheless, over-leveraged real estate had a profound effect
on today’s housing market. We’re not out of the woods yet and the
market trends tell us we’re settling in for a long, cold winter.
Welcome to the fourth installment of the Altos Research Mid-Cities
Report. The Mid-Cities Report provides a glimpse into real estate market
trends for mid-sized US markets not commonly reported in the media.
This month prices decreased in 13 of the 20 markets, and inventory
decreased in 19 of the 20 markets. The market trends indicate a further
cooling of the market as we approach the fall.
Our Altos 20-City Composite National Report confirmed the loss of
momentum from summer market activity earlier this month. Transaction
statistics published by S&P/Case-Shiller will show the same loss of
momentum in a few months.
The 90-day prices were flattening last month and the declining curve is
becoming more pronounced. Figure 1 illustrates the price trend for the
past twelve months. The 90-day inventory flattened last month and has
also started to decline, as illustrated in Figure 2.
Real-Time National Housing Market Update ©Copyright Altos Research -1-

2. Altos Research – September 21, 2011
Figure 1: Prices in the Mid-Cities Composite flattened last month and are currently
trending downward. The Altos 20-City Composite is reporting similar market
behavior, which indicates a cooling of the housing market.
Figure 2: Inventory has gone from flattening to declining as the market cools. The
annual high point was the result of the inventory increase in the summer of 2010,
with the inventory increase in 2011 being much smaller from the seasonal low
point.
Key takeaways from the markets covered in this report:
 The median price was $255,093 in mid-September, down from
$256,021 in mid-August (-0.36%). For comparison, the Altos 20-
City composite median price was down to $447,679 in August
from $450,176 in July.
 The leaders in the three-month price increases are Durham
(5.69%), Boulder (4.40%), and Reno (2.93%).
 Durham had the largest one-month increase in median price, with
a 1.68% increase to $280,313.
Real-Time National Housing Market Update ©Copyright Altos Research -2-

3. Altos Research – September 21, 2011
 Eleven markets had decreasing prices at the three-month level.
The three largest decreases were Naples (-3.15%), Pittsburgh (-
2.76%), and Charleston (-1.20%).
 The largest one-month decrease in inventory was Naples, with a
6.93% decrease.
 The largest one month increase in inventory was Boulder, with a
1.57% increase. Boulder was one of two composite markets that
didn’t experience a decrease in inventory last month.
Trends: September Home Prices
The mid-cities composite experienced a decrease in median prices
through mid-September. The biggest decreases were in Pittsburgh (-
1.68%), Naples (-1.22%), and Charleston (-0.65%). The price gain over a
three-month period was in Durham, with a 5.69% increase.
Altos Research Price Composite
MSA July '11 August Sept ‘11 % %
'11 Change Change
From Over
Last Three
Month Months
Mid-Cities $256,228 $256,021 $255,093 -0.36% -0.44%
Composite
Albuquerque $231,765 $232,005 $231,992 -0.01% 0.10%
Austin $284,955 $284,874 $285,186 0.11% 0.08%
Baltimore $367,630 $367,707 $366,453 -0.34% -0.32%
Boise $167,367 $169,089 $169,018 -0.04% 0.99%
Boulder $420,724 $434,329 $439,219 1.13% 4.40%
Charleston $340,828 $338,950 $336,743 -0.65% -1.20%
Dover $215,953 $214,450 $213,706 -0.35% -1.04%
Durham $265,215 $275,681 $280,313 1.68% 5.69%
Real-Time National Housing Market Update ©Copyright Altos Research -3-

4. Altos Research – September 21, 2011
MSA July '11 August Sept ‘11 % %
'11 Change Change
From Over
Last Three
Month Months
Honolulu $751,336 $751,459 $752,703 0.17% 0.18%
Jacksonville $221,467 $221,792 $221,029 -0.34% -0.20%
Memphis $166,651 $166,754 $166,588 -0.10% -0.04%
Naples $547,480 $536,770 $530,243 -1.22% -3.15%
Nashville $236,883 $235,975 $234,956 -0.43% -0.81%
Orlando $228,524 $229,722 $231,203 0.64% 1.17%
Pittsburgh $163,882 $162,079 $159,364 -1.68% -2.76%
Reno $235,783 $239,095 $242,699 1.51% 2.93%
Sacramento $244,175 $246,263 $247,659 0.57% 1.43%
San Antonio $219,994 $220,090 $219,941 -0.07% -0.02%
St. Louis $184,177 $183,819 $182,637 -0.64% -0.84%
Ventura $555,371 $556,548 $554,155 -0.43% -0.22%
County
Trends: Housing Supply
The inventory in the mid-cities composite was down this month, with 18 of
20 markets showing decreased inventory. Last month, there was a
1.79% decrease in inventory. Over a three-month period, inventory has
decreased 2.08%.
The Altos national composite also showed decreased inventory over one-
month and three-month time periods. Inventory decreased 0.55% over
one-month and 0.71% over three-months.
Real-Time National Housing Market Update ©Copyright Altos Research -4-

5. Altos Research – September 21, 2011
MSA July '11 August Sept ‘11 % %
'11 Change Change
From Over
Last Three
Month Months
Mid-Cities 159,037 158,555 155,725 -1.79% -2.08%
Composite
Albuquerque 5173 5198 5179 -0.35% 0.12%
Austin 11059 11059 10673 -3.50% -3.49%
Baltimore 10999 11055 10871 -1.67% -1.16%
Boise 4354 4272 4163 -2.54% -4.37%
Boulder 689 708 719 1.57% 4.35%
Charleston 6672 6745 6726 -0.28% 0.82%
Dover 1275 1270 1261 -0.72% -1.09%
Durham 3769 3574 3368 -5.77% -10.65%
Honolulu 1760 1800 1800 0.00% 2.29%
Jacksonville 10312 10143 9978 -1.63% -3.24%
Memphis 8725 8659 8490 -1.95% -2.69%
Naples 5125 4870 4533 -6.93% -11.56%
Nashville 13596 13600 13375 -1.65% -1.63%
Orlando 10622 10359 10072 -2.78% -5.19%
Pittsburgh 12781 12836 12716 -0.94% -0.51%
Reno 3488 3545 3541 -0.09% 1.52%
Sacramento 12082 12159 12091 -0.56% 0.08%
San Antonio 12277 12316 12102 -1.74% -1.42%
St. Louis 20959 21073 20799 -1.30% -0.76%
Ventura 3321 3314 3269 -1.35% -1.57%
County
Real-Time National Housing Market Update ©Copyright Altos Research -5-

6. Altos Research – September 21, 2011
Methodology
The Altos Research Mid-Cities Housing Report gives you unfettered, up-
to-the-minute data relative to housing market conditions in mid-sized
markets around the nation. The Altos report is comprised of data that can
be used now, not aging, months-old statistics that mean nothing in a
market that's in a constant state of flux. Altos Research uses metrics
associated with active residential property listings to give you real-time
information. We give you the market as it is, not as it was.
Each "market" measured is equivalent to the Census Bureau's
Metropolitan Statistical Area (MSA) dominated by the city listed.
Properties analyzed in the data include repeat sales of single-family
homes, but not condominiums, town homes, or new construction homes.
The Altos Mid-Cities Composite is based on single family homes in
Albuquerque, Austin, Baltimore, Boise, Boulder, Charleston, Dover,
Durham, Jacksonville, Honolulu, Memphis, Naples, Nashville, Orlando,
Pittsburgh, Reno, Sacramento, St. Louis, San Antonio, and Ventura
County, CA. For more information, check out www.altosresearch.com.
About Altos Research
Altos Research, LLC is at the forefront of real-time real estate market
research. Founded in 2005, Altos' pioneering technologies and
information products serve investors, derivatives traders, as well as
thousands of real estate professionals. The company publishes statistical
reports and data analyses each week for over 20,000 zip codes in more
than 200 metro markets around the county, including the 20 S&P/Case-
Shiller markets.
Altos Research
280 Hope Street, First Floor
Mountain View, CA 94041
888-819-7775
www.altosresearch.com
info@altosresearch.com
Real-Time National Housing Market Update ©Copyright Altos Research -6-