NEW YORK (TheStreet) -- Real estate consumer services and analysis firm Trulia (TRLA) is out with a slew of real estate data, but topping the charts is a new, aggressive attitude from home sellers, who apparently enjoy having the upper hand after five years of little leverage.
Trulia reports that the average home asking price rose by 11.7% from October 2012 to last month, based on data from its Price Monitor.
October saw only an incremental rise in home asking prices, at 0.6%, but the year-over-year figure is the largest jump since the housing bubble popped back in 2007-08.
Apparently, home sellers are hitching a financial ride on the increasingly robust real estate market.recent data from CoreLogic (CLGX), home prices rose 10% from the second quarter of 2012 to the second quarter of 2013 -- a figure unsurprisingly close to the 11.7% rise in home asking prices. "Although October's asking home prices rose at the second-slowest pace in seven months, prices are still rising unsustainably fast," says Jed Kolko, Trulia's chief economist. "Even though the market is far from bubble territory, we still see the effects of fast-rising prices, including investors flipping homes and would-be sellers waiting longer to put their homes on the market." On another front, Trulia reports that metro area home prices in so-called "blue states" are rising at a faster pace than those in red states (12.5% to 11.1%), if only because blue state home prices dropped further in the aftermath of the housing market collapse, representing a "bigger rebound after a steeper decline," as Trulia puts it.
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