Posted by Jonathan J. Miller -Thursday, May 3, 2012, 2:42 PM
Jed Kolko, Trulia’s Chief Economist on the sales market:
“Housing prices have already bottomed with asking prices on the rise for three straight months. Aside from a stumble in December, asking prices have been stable or rising for the last eight months,” said Jed Kolko, Trulia’s Chief Economist. “Prices have joined the recovery, alongside sales and construction. But foreclosures threaten prices, especially in judicial-foreclosure states like Florida, New Jersey, Illinois and New York, where many more distressed sales are still to come.”
on rental market:
“Rents have steadily increased as people who lost their homes in the crash became renters. At the same time, high unemployment and tight credit sidelined would-be homeowners,” said Jed Kolko, Trulia’s Chief Economist. “But relief for strapped renters may be in sight. Construction of multi-family buildings revved up last year. These new rental units will come to market later this year, giving renters more choices and less fierce competition.”
The Trulia Price Monitor for April 2012 shows:
- Asking prices up 1.9% quarter-over-quarter, seasonally adjusted.
- Asking prices up 0.5% month-over-month, seasonally adjusted. This is the third straight month of month-over-month increases.
- Asking prices up 0.2% year-over-year, the first year-over-year increase in the price index.
- Asking prices up quarter-over-quarter in 92 of the 100 largest metros.
The Trulia Rent Monitor for April 2012 shows:
- Rents up 5.6% year-over-year.
New York Metro - you can see how much faster the rental market is rising over the sales market. In fact more than half of the NYC metro area are showing declining price trends.
The Trulia Price and Rent Monitors rely on the latest asking price or rent rather than the original to better track the direction of the market. Prices on MOM, QOQ and YOY on based on a 3 month moving average. Here’s the nitty gritty. Love the “technical” and “non-technical” FAQ notes detailing how it works.
Note: I have been on the Trulia Industry Advisory Board since its inception in 2006.
- Trulia Price Monitor Is Launched: New (Better) Way To Look At Housing Price Trends [Matrix]
- Rising Home Prices: Coming to a Market Near You [Trulia]
- Trulia Price and Rent Monitors – April 2012 [Trulia]
- Trulia Price and Rent Monitors – FAQ [Trulia]