Trulia Reports October Asking Prices Rise 2.9% Year-over-Year, but Rents Rise Faster at 5.1%

  Trulia Reports October Asking Prices Rise 2.9% Year-over-Year, but Rents
  Rise Faster at 5.1%

Home-seekers in Denver, San Francisco, and Oakland face the twin challenge of
                        rising prices and rising rents

Business Wire

SAN FRANCISCO -- November 05, 2012

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 October 31, 2012.

Asking Prices Rise 0.7% Month-over-Month for Largest Year-over-Year Gain to
Date

In September, asking prices on for-sale homes–which lead sales prices by
approximately two or more months–increased 2.9 percent year over year (Y-o-Y).
Excluding foreclosures, Y-o-Y asking prices rose 3.6 percent. Meanwhile,
asking prices rose nationally 1.8 percent quarter over quarter (Q-o-Q),
seasonally adjusted, and 0.7 percent month over month (M-o-M), seasonally
adjusted.


October 2012 Trulia Price Monitor Summary
                                               # of 100           % change in
                                               largest metros     asking
                                 % change
                              in asking   with             prices,
                                 prices        asking-price       excluding

                                               increases          foreclosures
Month-over-month, seasonally   0.7%        (not reported)   0.5%
adjusted
Quarter-over-quarter,          1.8%        76               1.4%
seasonally adjusted
Year-over-year                 2.9%        69               3.6%
                                                           

Prices Rise Almost 25% in Phoenix and 10% or More in San Jose, Las Vegas, and
Denver

Asking prices rose most Y-o-Y in Phoenix. Seven metros, including Phoenix, saw
prices rise 10% or more Y-o-Y. At the other extreme, prices in Chicago fell
5.3% Y-o-Y–the sharpest decline among the 100 largest metros. New Haven, CT
and Philadelphia also saw prices fall more than 2% Y-o-Y. The metros with the
largest price increases today have strong job growth, fewer foreclosures yet
to come, and declining vacancies; they also had bigger price declines during
the bust.


Metros with Largest Year-over-Year Asking Price Increases
                                          Y-o-Y % change
#   U.S. Metro                        
                                          in asking prices,
                                          October 2012
1   Phoenix, AZ                        24.9%
2   Cape Coral-Fort Myers, FL          15.7%
3   San Jose, CA                       12.7%
4   Warren-Troy-Farmington Hills, MI   11.8%
5   West Palm Beach, FL                11.3%
6   Las Vegas, NV                      10.9%
7   Denver, CO                         10.1%
8   Detroit, MI                        9.8%
9   Oakland, CA                        8.8%
10  San Francisco, CA                  8.7%
                                      

Rents Rose 5.1 Percent Nationally, Increasing Even in Markets Where Prices are
Falling

Nationally, rent gains continued to outpace home price increases in October,
rising by 5.1 percent Y-o-Y. Among the largest 25 rental markets, Y-o-Y rents
rose the most in Houston, Miami, and Oakland, where they climbed 10 percent or
more. Rent growth in Oakland, Denver, and San Francisco accompanied strong
for-sale price growth, while in Chicago and Philadelphia rents rose despite
falling prices.


Metros with Largest Year-over-year Asking Rent Increases
                                     % change in rents, Y-o-Y,
#   U.S. Metro                   
                                     October 2012
1   Houston, TX                   16.5%
2   Miami, FL                     10.0%
3   Oakland, CA                   10.0%
4   Denver, CO                    9.4%
5   Seattle, WA                   8.8%
6   Philadelphia, PA              8.6%
7   Minneapolis-St. Paul, MN-WI   8.5%
8   Chicago, IL                   7.7%
9   New York, NY-NJ               6.1%
10  San Francisco, CA             6.0%
                                 

PRE-APPROVED QUOTES

  *“Continued widespread price increases are good for homeowners but not for
    home-seekers,” said Jed Kolko, Trulia’s Chief Economist. “For homeowners,
    rising prices add to their wealth and help bring underwater borrowers
    closer to positive equity. For home-seekers, however, rising prices could
    put homeownership out of reach. In markets like Denver, San Francisco, and
    Oakland, where prices and rents are both rising, higher prices mean higher
    down payments, but rising rents make it harder to save enough.”
  *”With asking prices rising again in October, sales prices by the end of
    this year should be just 1.1 percent lower than in January 2009,” said Jed
    Kolko, Trulia’s Chief Economist. “Home prices are climbing in most local
    markets and in eight of the eleven swing states. Rising prices have taken
    pressure off the presidential candidates from having to come up with
    detailed plans to help the housing market, and that’s a big reason why
    they haven’t focused on housing in the 2012 campaign.”

MULTIMEDIA

  *To read the full report, seehere.
  *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 January 2011 to October 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, December 4,  at 10AM 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.

Contact:

Trulia, Inc.
Ken Shuman, 415-517-7211
pr@trulia.com
 
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