SAN FRANCISCO, CA — (Marketwire) — 07/03/12 — today released the latest findings from the and the 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 June 30, 2012.
Asking prices on for-sale homes — which lead sales prices by approximately two or more months — increased 0.3 percent in June month over month (M-o-M), seasonally adjusted. With the exception of nearly flat prices in May, prices rose in four of the past five months. Asking prices in June rose nationally 0.8 percent quarter over quarter (Q-o-Q), seasonally adjusted. Year-over-year (Y-o-Y) asking prices rose by 0.3 percent; excluding foreclosures, asking prices rose Y-o-Y by 1.7 percent. Nationally, 44 out of the 100 largest metros had Y-o-Y price increases, and 84 out of the 100 largest metros had Q-o-Q price increases, seasonally adjusted.
Asking prices rose Y-o-Y by 15 percent or more in and . However, seven of the 10 metros with the largest increase in asking prices also have a high share of homes in foreclosure, including , the Florida metros, and and its suburbs. These coming foreclosures threaten to reduce or reverse recent price gains in those markets. In contrast, , , , , and all had price gains of more than 4 percent with a moderate or low share of homes in foreclosure.
Note: Among 100 largest metros. Foreclosure data provided by . National average is 10.2 homes in the foreclosure process per 1,000 housing units.
Despite widespread national asking price rises, rent increases outpaced price increases in 22 of the 25 largest rental markets. Nationally, rents were 5.4 percent higher in June than they were a year ago, and rents increased Y-o-Y in 24 of the 25 largest rental markets — all except Las Vegas. Furthermore, rent increases accelerated between March and June in most rental markets, with rents in San Francisco rising 14.7 percent Y-o-Y in June from 10.9 percent in March.
“We saw asking prices start to rise in February and predicted that other home price indexes would report sales price increases this summer for those homes — and they have,” said Jed Kolko, Trulia-s Chief Economist. “Since February, asking prices showed solid gains in four out of five months, including in June, so I expect to see the sales-price indexes show further increases in the months to come.”
“The huge price gains we-ve seen in and are not built to last. These increases will shrink or reverse as the backlogged foreclosures in these metros hit the market,” said Jed Kolko, Trulia-s Chief Economist. “In contrast, , and , which were spared the worst of the housing crisis, have strong price growth and strong job growth without a foreclosure overhang. Their recent price gains are less dramatic than Miami and Phoenix but are less at risk. Slow and steady wins the housing recovery.”
To download the full list of price and rent changes for the largest metro areas, see .
To download a graph of price changes from November 2010 to June 2012, see .
To view the full methodology and 2012 release schedule, see . The next release of the Trulia Price Monitor and the Trulia Rent Monitor will be Tuesday, August 7, at 10AM ET.
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