The Trulia monitor on real estate asking prices and rent for San Bernardino and Riverside counties had enough lift to put the Inland region in the “rebounding” column — right along with Phoenix, Las Vegas and Detroit.
Jed Kolko, chief economist for San Francisco-based Trulia, said asking prices are up 14 percent year-over-over in January for Inland Southern California, and rents rose 4.6 percent. “Asking prices in the Inland region have been increasing up year-over-year every month since July,” Kolko said.
Trulia’s percentage change in asking prices, on average, rose 5.9 percent; excluding foreclosures, prices rose 6.5 percent.
Out of 100 metropolitan regions, 86 reported year-over-year gains.
“Strong job growth, low vacancy rate and low foreclosure inventory — not huge price gains — are signs of a healthy housing market,” he said, but dramatic price gains can mask serious red flags. “Without strong underlying market fundamentals, price rebounds might be here today, but gone tomorrow.”
With the region still grappling with its share of unemployment, slow job growth and foreclosure-related actions, Kolko said Inland Southern California’s big price increases are offset by those weaker market fundamentals.
The Inland area’s housing market ranked 83 out of 100 on the list of healthiest housing markets.
Which cities are at the top in a category Trulia described as booming?
That would be San Francisco, Seattle, Denver, San Jose and Salt Lake City. Houston, Boston, Raleigh and Dallas are in the category Trulia labeled as “humming.”