Trulia (NYSE: TRLA) 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 February 28, 2013. Asking Home Prices Up in 90 Out Of 100 Major Metros Since bottoming 12 months ago, national asking home prices rose 7.0 percent year-over-year (Y-o-Y) in February. Seasonally adjusted, asking prices also increased 1.4 percent month-over-month (M-o-M) and 3.0 percent quarter-over-quarter (Q-o-Q) – marking two post-recession highs. Asking prices locally are up in 90 of the 100 largest U.S. metros, rising fastest in Phoenix, Las Vegas, and Oakland.
|February 2013 Trulia Price Monitor Summary|
|% change in asking prices||# of 100 largest metros with asking-price increases||% change in asking prices, excluding foreclosures|
|Month-over-month,seasonally adjusted||1.4%||Not reported||1.6%|
|U.S. Metro||Y-o-Y % change in asking prices, Feb 2013||Months since asking prices bottomed||Y-o-Y % change in inventory, Feb 20132|
|Riverside-San Bernardino, CA||14.9%||13||-50%|
- “Housing inventory is scarce across the country and will probably be even tighter this time next year,” said Jed Kolko, Trulia’s Chief Economist. “However, inventory is declining more slowly now than it did a year ago, when prices bottomed. The inventory turnaround depends not only on how fast prices are rising today, but also whether prices have been rising long enough to encourage homeowners to sell and builders to build.”
- “As the spring home season begins, buyers face a dilemma between buying now, before prices rise even more, or later this year, when they’ll have more inventory to choose from,” said Jed Kolko, Trulia’s Chief Economist. “Inventory follows a strong seasonal pattern, peaking in the summertime, so buyers can look forward to more inventory in the coming months even though there will be less inventory this summer than last summer.”
- To read the full report, see here.
- To download a graph of price changes from July 2011 to February 2013, see here.
- To download a graph of inventory changes from July 2011 to February 2013, see here.