Asking prices for homes for sale on real estate search and marketing website Trulia were up 2.3 percent in August from a year ago, the largest year-over-year increase since the housing recession began.
A monthly report from Trulia covering for-sale and for-rent properties listed on the website through Aug. 31 showed asking prices posting annual gains in 68 of the 100 largest metro areas tracked.
Asking prices of homes for sale rose 0.8 percent from July to August, the seventh straight month of gains.
When foreclosures were excluded, asking prices were up 3.8 percent nationwide from a year ago, Trulia said.
"Asking prices excluding foreclosures are now rising faster than wages, putting an end to many years of affordability gains," said Jed Kolko, Trulia’s chief economist, in a statement.
Four of the 10 metros to see the biggest overall annual jumps from last August — Phoenix; Tucson, Ariz.; San Jose, Calif.; and Las Vegas — also led year-over-year asking price increases in July, according to Trulia.
Metros with largest increases in asking price, August 2012
|
# |
Metro |
Change in asking prices from year ago |
|
1 |
Phoenix |
24.2% |
|
2 |
Cape Coral-Fort Myers, Fla. |
16.5% |
|
3 |
Warren-Troy-Farmington Hills, Mich. |
10.4% |
|
4 |
West Palm Beach, Fla. |
10.4% |
|
5 |
Tucson, Ariz. |
9.9% |
|
6 |
Miami |
9.6% |
|
7 |
Denver |
8.9% |
|
8 |
San Jose, Calif. |
8.6% |
|
9 |
Orlando, Fla. |
8.6% |
|
10 |
Las Vegas |
6.9% |
Source: Trulia
While asking rents were up 4.7 percent from a year ago in August, that was the smallest year-over-year increase since March, Trulia said.
Metros with largest increases in asking rent, August 2012
|
# |
Metro |
Change in asking rents from year ago |
|
1 |
Houston |
11.2% |
|
2 |
Seattle |
10.4% |
|
3 |
Denver |
9.9% |
|
4 |
San Francisco |
9.7% |
|
5 |
Miami |
9.7% |
|
6 |
Oakland, Calif. |
9.7% |
|
7 |
Boston |
8.7% |
|
8 |
Philadelphia |
8.6% |
|
9 |
Portland, Ore. |
7.5% |
|
10 |
New York, N.Y.-N.J. |
6.6% |
Source: Trulia
"Rents had been on fire earlier this year, but some of the hottest rental markets are starting to cool," Kolko said.
