Tue Jul 3, 2012 10:00am EDT
By: Daisy Kong
SAN FRANCISCO, CA, Jul 03 (Marketwire) —
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 June 30, 2012.
Asking Prices Rise in June, Fourth Solid Increase in Past Five Months
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.
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June 2012 Trulia Price Monitor Summary
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# of 100 largest % change in asking
% change in asking metros with asking- prices, excluding
prices price increases foreclosures
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Month-over-
month,
seasonally
adjusted 0.3% (not reported) 0.8%
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Quarter-over-
quarter,
seasonally
adjusted 0.8% 84 2.2%
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Year-over-year 0.3% 44 1.7%
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Despite Big Price Gains, Phoenix, Miami, and Detroit Face New
Foreclosure Wave
Asking prices rose Y-o-Y by 15 percent or more in
Phoenix and Miami. However, seven of the 10 metros with the largest
increase in asking prices also have a high share of homes in foreclosure,
including Phoenix, the Florida metros, and Detroit and its suburbs. These
coming foreclosures threaten to reduce or reverse recent price gains in
those markets. In contrast, Denver, San Jose, Pittsburgh, Little Rock,
Austin and Colorado Springs all had price gains of more than 4 percent
with a moderate or low share of homes in foreclosure.
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Metros with Largest Price Increases
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Y-o-Y % Change in Asking Homes in Foreclosure, per
# U.S. Metro Prices, June 2012 1,000 Housing Units
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1 Phoenix, AZ 18.9% 25.5
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2 Miami, FL 16.1% 33.7
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3 Cape Coral-Fort
Myers, FL 14.9% 30.5
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4 West Palm Beach, FL 9.6% 26.1
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5 Denver, CO 7.2% 11.9
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6 Orlando, FL 6.8% 29.3
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7 Warren-Troy-
Farmington Hills,
MI 6.5% 17.5
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8 San Jose, CA 6.2% 10.0
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9 Detroit, MI 5.2% 21.2
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10 Pittsburgh, PA 5.1% 4.4
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Note: Among 100 largest metros. Foreclosure data provided by
RealtyTrac. National average is 10.2 homes in the foreclosure process per
1,000 housing units.
Rents Rise 5.4 Percent Nationally, Outpacing Price Increases
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.
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Metros with Largest Rent Increases
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Y-o-Y % Change in Asking Y-o-Y % Change in Asking
# U.S. Metro Rent, June 2012 Rent, March 2012
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1 San Francisco, CA 14.7% 10.9%
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2 Oakland, CA 11.2% 7.0%
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3 Denver, CO 10.9% 9.4%
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4 Miami, FL 10.5% 11.2%
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5 Boston, MA 10.3% 8.6%
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PRE-APPROVED QUOTES
— “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 Miami and Phoenix 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, Denver, San Jose and Austin, 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.”
MULTIMEDIA
— 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 June 2012,
see here.
METHODOLOGY
To view the full methodology and 2012 release schedule,
see here. The next release of the Trulia Price Monitor and the Trulia
Rent Monitor will be Tuesday, August 7, at 10AM ET.
ABOUT TRULIA, INC.
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