Trulia Reports Asking Home Prices up 10.7 Percent Year-Over-Year Nationally as Mortgage Rates Rise

  Trulia Reports Asking Home Prices up 10.7 Percent Year-Over-Year Nationally
  as Mortgage Rates Rise

   Home Prices Finally Recovering in Chicago, Baltimore, St. Louis, and New

Business Wire

SAN FRANCISCO -- July 3, 2013

Trulia, Inc.(NYSE: TRLA), a leading online marketplace for home buyers,
sellers, renters, and real estate professionals, today released the latest
findings from theTrulia Price Monitorand theTrulia Rent Monitor. These
indices arethe 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
June 30, 2013. To read the full report, seehere.

Asking Home Prices Show No Signs of Cooling Off … Yet

Nationally, asking home prices rose 10.7 percent year-over-year (Y-o-Y) in
June. Excluding foreclosures, prices jumped 11.4 percent Y-o-Y, signaling that
the current rise in asking prices is not primarily driven by the shift away
from foreclosure to non-distressed homes for sale. However, the rate of
increase in asking prices will eventually slow down as mortgage rates rise,
inventory expands, and investor demand falls.

June 2013 Trulia Price Monitor Summary
                              %               # of 100           % change in
                          change      largest        asking
                              asking          metros             prices,
                              prices          with               excluding
                                    price          foreclosures
Month-over-month,             1.5%            Not                1.5%
seasonally adjusted                                
Quarter-over-quarter,         4.1%            98                 4.5%
seasonally adjusted                                
Year-over-year            10.7%       99*            11.4%
* Only Philadelphia saw a year-over-year decline, and only slightly, at

Asking Prices Rise in 99 of the 100 Largest Metros

Nationally, asking home prices bottomed in February 2012 – but the turnaround
has been uneven. Prices first began to rebound two years ago in San Jose,
Phoenix, Denver, Miami, and a few other housing markets where job growth or
bargain buying started boosting prices earlier. Meanwhile, prices continued to
fall in several East Coast and Midwest markets until three to six months ago.
Now with the housing recovery in full swing, asking prices rose in 99 of the
100 largest metros. Among these recently bottoming markets, prices rose more
than 7 percent in Edison-New Brunswick, NJ, Chicago, Lake County-Kenosha
County, IL-WI, and Baltimore.

Housing Markets Where Asking Prices Rose Most After Bottoming Recently
#     U.S. Metro                           Y-o-Y% change in asking
1     Edison-New Brunswick, NJ             8.6%
2     Chicago, IL                          8.4%
3     Lake County-Kenosha County, IL-WI    7.9%
4     Baltimore, MD                        7.1%
5     St. Louis, MO-IL                     6.4%
6     Fairfield County, CT                 6.4%
7     Virginia Beach-Norfolk, VA-NC        5.3%
8     Gary, IN                             5.3%
9     New Orleans, LA                      4.6%
10    Newark, NJ-PA                        3.1%
Note: Among markets where prices bottomed in the last 6 months.

Rents Fall Where Asking Prices Skyrocket

Marking its biggest Y-o-Y increase since January, rents rose 2.8 percent Y-o-Y
nationally in June. Rents climbed most in Houston, Miami, and Tampa-St.
Petersburg, but fell in markets where asking prices were up more than 30
percent: Las Vegas, Oakland, and Sacramento. In fact, asking prices outpaced
rents in 22 of the 25 largest rental markets. Only in Houston, New York, and
Philadelphia did rents rise faster than asking prices.

Housing Markets Where Rents Fell Most
#     U.S. Metro         Y-o-Y% change     Y-o-Y% change
                       in rents          in asking prices
1     Las Vegas, NV      -0.8%             30.8%
2     Oakland, CA        -0.5%             34.2%
3     Sacramento, CA     -0.4%             32.6%
Among 25 largest rental markets.

Pre-Approved Quotes

  *“Rising home prices have swept the country,” said Jed Kolko, Trulia’s
    Chief Economist. “Local markets that suffered most during the housing
    crisis are seeing the biggest price rebounds today. Now even markets that
    escaped the worst of the bust, like Chicago and Baltimore, are seeing
    prices climb. However, these runaway price gains won’t last: both rising
    mortgage rates and slowly growing inventories should start tapping the
    brakes on home prices, preventing them from rising back into bubble

  *“In the past year, buying a home has become at least 20 percent more
    expensive,” said Jed Kolko, Trulia’s Chief Economist. “Roughly half of
    this higher cost comes from soaring home prices, which are up almost 11
    percent in the past year. The other half comes from rising mortgage rates,
    which have added another 10 percent to the overall cost of homeownership.
    For young first-time homebuyers who don’t remember life during and before
    the bubble, these rising costs are a rude awakening.”


  *To download a graph of price changes from July 2011 to June 2013,
  *To download a list of the price and rent changes for the largest metros,


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
Tuesday, August 6, at 10 AM ET.


Trulia(NYSE: TRLA) gives home buyers, sellers, owners, and renters the inside
scoopon properties, places, and real estateprofessionals. 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 thelocal community questions. Real estate professionalsuse Trulia to
connect with millions of transaction-ready buyers and sellers each month via
our hyperlocal advertising services, social recommendations, and
top-ratedmobile real estate apps. Trulia is headquartered in downtown San
Francisco. Trulia is a registered trademark of Trulia, Inc.


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