This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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.
November 2012 Trulia Price Monitor Summary
% change inasking prices
# of 100 largestmetros with asking-price increases
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
San Francisco, which rank among the top 10 metros where rents rose most in November.
“Prices are rising faster than at any point since the bubble burst, but the price recovery is becoming more uneven,” said Jed Kolko, Trulia’s Chief Economist. “Even though prices rose at a 10 percent annualized rate in the last quarter, more metros are seeing price declines. The price recovery is strongest in the largest metros, and price gains have now surpassed rent gains in the largest 25 rental markets. However, price gains are starting to waver in smaller markets.”
“The key factors behind today’s price gains are job growth, falling vacancies, and–above all–rebounding from the huge price declines of the housing bust,” said Jed Kolko, Trulia’s Chief Economist. “The latest metros to join the price rebound are Atlanta, Sacramento, and Riverside-San Bernardino. Now, all of the metros that suffered most during the bust have had year-over-year price gains.”
To download the full list of price and rent changes for the largest metro areas, see here.
To download a graph of price changes from November 2010 to November 2012, see here.
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.