Home prices, rents rise nationally and locally

Home prices and rents are rising nationally with rental prices outpacing home price increases, according to a report released Thursday by Trulia.

Based on the for-sale homes and rentals listed on its site, the real estate Web site operator found that asking home prices have stabilized or risen this year. (For this report, Trulia tracks asking prices — the price the property is initially listed at — not sales prices.)

In September, the asking prices on for-sale homes nationally increased 2.5 percent year over year. Excluding foreclosures, YOY asking prices went up 3.5 percent.

The Washington metro area saw asking prices on for-sale homes rise 5.1 percent year-over-year in September.

“As asking prices continue to climb, 2012 will almost surely be the first year of rising home prices since 2006,” said Jed Kolko, Trulia’s chief economist.

Rents nationally gained 4.8 percent year over year in September. In the Washington metro area, rents rose at a more modest pace, 3.4 percent.


Trulia Price Monitor (Trulia)

Kathy Orton is a reporter and Web editor for the Real Estate section. She covers the Washington metropolitan area housing market.

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