Home Prices Rebound in Hard-Hit Atlanta, Sacramento, and the Inland Empire as the Price Recovery Accelerates in November

  Home Prices Rebound in Hard-Hit Atlanta, Sacramento, and the Inland Empire
  as the Price Recovery Accelerates in November

Asking-Price Gains Surpass Rents in Denver, Seattle, and San Francisco

Business Wire

SAN FRANCISCO -- December 04, 2012

Truliatoday released the latest findings from theTrulia Price Monitorand
theTrulia Rent Monitor,the earliest leading indicators available of trends
inhome 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 November 30, 2012.

Asking Prices Up 3.8 Percent Year-over-Year Nationally

In October, asking home prices rose 0.8 percent month-over-month (M-o-M),
seasonally adjusted–which implies an annualized growth rate of 10 percent.
Year-over-year (Y-o-Y) prices increased 3.8 percent, which was also the
largest yearly increase to date. Quarter-over-quarter (Q-o-Q) prices rose 2.2
percent, seasonally adjusted, another post-crisis high; in fact, prices rose
0.8 percent Q-o-Q without adjusting for seasonality (not shown in table), even
though prices typically decline after the summer. Excluding foreclosures,
asking prices rose 4.3 percent Y-o-Y and 1.6 percent Q-o-Q, seasonally

November 2012 Trulia Price Monitor Summary
                                        # of 100 largest    % change in asking
                      % change in    metros with        prices, excluding
                        asking prices   asking-             foreclosures
                                        price increases
Month-over-month,      0.8%           Not reported       0.8%
seasonally adjusted
Quarter-over-quarter,  2.2%           70                 1.6%
seasonally adjusted
Year-over-year         3.8%           76                 4.3%

Home Prices in Hard-Hit Atlanta, Sacramento, and the Inland Empire Now
Bouncing Back

For the first time since the housing crisis began, Atlanta and two inland
California metros—Riverside-San Bernardino and Sacramento—all experienced
significantly large Q-o-Q asking home price gains. Unlike other hard-hit
metros such as Phoenix, Las Vegas, and Miami, prices in these metros have been
slower to bounce back, declining in February and making smaller gains in
August and May. Other metros experiencing large quarterly increases in
November include Salt Lake City and Wilmington, DE, both of which surpassed 7
percent, along with, Cape Coral – Fort Myers, FL, San Jose, Portland, OR, and

Metros with Largest Q-o-Q Asking Price Gains
                                 Q-o-Q %     Q-o-Q %     Q-o-Q %     Q-o-Q %
                                 change      change      change      change
#   U.S. Metro                 in asking  in asking  in asking  in asking
                                 prices,     prices,     prices,     prices,
                                 Nov 2012    Aug 2012    May 2012    Feb 2012
1   Salt Lake City, UT         7.8%       2.2%       4.2%       -4.1%
2   Wilmington, DE-MD-NJ       7.4%       -1.9%      -0.5%      -1.3%
3   Phoenix, AZ                6.8%       5.2%       6.5%       6.0%
4   Atlanta, GA                6.2%       0.0%       1.7%       -2.1%
5   Cape Coral-Fort Myers, FL  6.1%       2.4%       0.7%       4.5%
6   Riverside-San Bernardino,  5.5%       3.5%       0.9%       -1.3%
7   Sacramento, CA             5.3%       2.1%       1.3%       -4.3%
8   San Jose, CA               5.0%       5.9%       2.2%       0.9%
9   Portland, OR-WA            4.8%       0.3%       2.1%       -0.6%
10  Denver, CO                 4.7%       2.9%       1.9%       2.2%
Among the 100 largest metro areas.

Rents Rose 5.6 Percent Year-over-Year, But Prices Catching Up in Largest

Nationally, rents rose 5.6 percent Y-o-Y, outpacing the national price gain of
3.8 percent. However, asking prices in 14 of the 25 largest rental markets
actually rose faster than rents as the price recovery picks up. In fact,
prices have zoomed ahead of fast-rising rents in Denver, Seattle, and San
Francisco, which rank among the top 10 metros where rents rose most in

Metros with Largest Y-o-Y Rent Increases
                                   % change in rents,   % change in asking
#   U.S. Metro                   Y-o-Y , Nov 2012    prices,
                                                        Y-o-Y , Nov 2012
1   Houston, TX                  16.8%               2.3%
2   Oakland, CA                  11.6%               10.5%
3   Miami, FL                    10.8%               7.6%
4   Denver, CO                   9.0%                12.4%
5   Philadelphia, PA             8.9%                -0.8%
6   Seattle, WA                  8.3%                8.8%
7   Minneapolis-St. Paul, MN-WI  7.8%                7.1%
8   Chicago, IL                  6.9%                -3.1%
9   New York, NY-NJ              6.6%                0.3%
10  San Francisco, CA            5.8%                9.5%
Among the 25 largest rental markets.


  *“Prices are rising faster than at any point since the bubble burst, but
    the price recovery is becoming more uneven,” said Jed Kolko, Trulia’s
    Chief Economist. “Even though prices rose at a 10 percent annualized rate
    in the last quarter, more metros are seeing price declines. The price
    recovery is strongest in the largest metros, and price gains have now
    surpassed rent gains in the largest 25 rental markets. However, price
    gains are starting to waver in smaller markets.”
  *“The key factors behind today’s price gains are job growth, falling
    vacancies, and–above all–rebounding from the huge price declines of the
    housing bust,” said Jed Kolko, Trulia’s Chief Economist. “The latest
    metros to join the price rebound are Atlanta, Sacramento, and
    Riverside-San Bernardino. Now, all of the metros that suffered most during
    the bust have had year-over-year price gains.”


  *To read the full report, seehere.
  *To download the full list of price and rent changes for the largest metro
    areas, seehere.
  *To download a graph of price changes from November 2010 to November 2012,


To view the full methodology and 2013 release schedule, seehere. The next
release of the Trulia Price Monitor and the Trulia Rent Monitor will be
Thursday, January 3, at 10 AM ET.


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