Trulia‘s Chief Economist discuss how price trends, combined with the measures of fundamental market health show which metros are booming, rebounding, humming, or struggling.
The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally. They adjust for the changing mix of listed homes and therefore show what’s really happening to asking prices and rents. Because asking prices lead sales prices by approximately two or more months, the Monitors reveal trends before other price indexes do. With that, here’s the scoop on where prices and rents are headed.
Asking Prices Rise a Record 0.9% Month-over-Month Nationally
In January, asking prices rose 0.9% month-over-month, seasonally adjusted — the highest monthly gain since the price recovery began. Year-over-year, asking prices rose 5.9%; excluding foreclosures, asking prices rose 6.5%. Quarter-over-quarter prices rose 2.2%, seasonally adjusted. Prices typically fall in the wintertime, but asking prices still rose slightly (0.3%) quarter-over-quarter even without seasonal adjustment, indicating the strength of the price recovery. Asking prices were up year-over-year in 86 of the 100 largest metros.