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Posted at 05:30 AM ET, 11/06/2012

Asking prices and rents rise in October

Asking prices and rents showed gains nationally and locally in October, according to data in the latest Trulia Price Monitor and Trulia Rent Monitor.

Asking prices, which lead sales prices by about two or more months, rose 2.9 percent nationally last month compared to October 2011. Rents were up 5.1 percent year-over-year across the country.

Phoenix experienced the biggest price rebound in asking prices, while Chicago endured the biggest price drop. Houston had the largest rent increase.

The Washington region saw a 5.7 percent increase in asking prices for homes listed for sale on Trulia last month compared to October 2011. Rents in the region were up 2.7 percent compared to a year ago.

The Trulia Price Monitor and Trulia Rent Monitor are leading indicators for trends in home prices and rents.

“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, in a statement. “Home prices are climbing in most local markets.”

Metros With Largest Year-Over-Year Asking Price Increases

Metros Y-o-Y% change
Phoenix 24.9%
Cape Coral-Ft. Myers, Fla. 15.7%
San Jose 12.7%
Warren-Troy-Farm. Hills, Mich. 11.8%
West Palm Beach, Fla. 11.3%

Source: Trulia

Metros With Largest Year-Over-Year Asking Price Decreases

Metros Y-o-Y% change
Chicago -5.3%
Camden, N.J. -4.4%
Gary, Ind. -3.5%
Edison-New Brunswick, N.J. -3.5%
Lake County, Ill.-Kenosha, Wis. -3.5%

Source: Trulia

Metros With Largest Year-Over-Year Asking Rent Increases

Metros Y-o-Y% change
Houston 16.5%
Miami 10%
Oakland 10%
Denver 9.4%
Seattle 8.8%

Source: Trulia

By  |  05:30 AM ET, 11/06/2012

 
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