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Home Prices Rebound in Hard-Hit Atlanta, Sacramento, and the Inland Empire as the Price Recovery Accelerates in November
By: Business Wire
Dec. 4, 2012 10:04 AM
Trulia today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor, the earliest leading indicators available of trends in home prices and rents. Based on the for-sale homes and rentals listed on Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through November 30, 2012.
Asking Prices Up 3.8 Percent Year-over-Year Nationally
In October, asking home prices rose 0.8 percent month-over-month (M-o-M), seasonally adjusted–which implies an annualized growth rate of 10 percent. Year-over-year (Y-o-Y) prices increased 3.8 percent, which was also the largest yearly increase to date. Quarter-over-quarter (Q-o-Q) prices rose 2.2 percent, seasonally adjusted, another post-crisis high; in fact, prices rose 0.8 percent Q-o-Q without adjusting for seasonality (not shown in table), even though prices typically decline after the summer. Excluding foreclosures, asking prices rose 4.3 percent Y-o-Y and 1.6 percent Q-o-Q, seasonally adjusted.
Home Prices in Hard-Hit Atlanta, Sacramento, and the Inland Empire Now Bouncing Back
For the first time since the housing crisis began, Atlanta and two inland California metros—Riverside-San Bernardino and Sacramento—all experienced significantly large Q-o-Q asking home price gains. Unlike other hard-hit metros such as Phoenix, Las Vegas, and Miami, prices in these metros have been slower to bounce back, declining in February and making smaller gains in August and May. Other metros experiencing large quarterly increases in November include Salt Lake City and Wilmington, DE, both of which surpassed 7 percent, along with, Cape Coral – Fort Myers, FL, San Jose, Portland, OR, and Denver.
Rents Rose 5.6 Percent Year-over-Year, But Prices Catching Up in Largest Markets
Nationally, rents rose 5.6 percent Y-o-Y, outpacing the national price gain of 3.8 percent. However, asking prices in 14 of the 25 largest rental markets actually rose faster than rents as the price recovery picks up. In fact, prices have zoomed ahead of fast-rising rents in Denver, Seattle, and San Francisco, which rank among the top 10 metros where rents rose most in November.
To view the full methodology and 2013 release schedule, see here. The next release of the Trulia Price Monitor and the Trulia Rent Monitor will be Thursday, January 3, at 10 AM ET.
ABOUT TRULIA, INC.
Trulia (NYSE: TRLA) gives home buyers, sellers, owners, and renters the inside scoop on properties, places, and real estate professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, crime, commute times, and even ask the local community questions. Real estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper local advertising services, social recommendations, and top-rated mobile real estate apps. Trulia is headquartered in downtown San Francisco. Trulia is a registered trademark of Trulia, Inc.
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