Trulia: Asking Prices Flat, But Rents Up, Up, Up

• June 5th 2012

by Shilpi Paul

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Trulia Trends, the analytical wing of the real estate website that goes by the same name just released its latest Price and Rent Monitors, which reveals that asking prices nationally flattened out in May while rents rose notably.

(A full explanation of Trulia’s methodology can be found here, but in short, the Price and Rent Monitors compare current asking prices and asking rents year-over-year and quarter-over-quarter, adjusting for seasonal swings.)

The Trulia numbers reveal that asking prices on for-sale homes, nationally, were unchanged in May versus April, following three straight months of price increases. Despite the flattening out, prices rose 1.6 percent since last quarter.

“Asking prices and employment both stagnated in May, yet one more reminder that the housing recovery depends on job growth,” Jed Kolko, Trulia’s Chief Economist, told UrbanTurf. “The metros where prices rose the most have stronger demand from faster job growth and tighter supply from fewer foreclosed homes on the market.”.

In the DC area, seasonally-adjusted prices were up 3.2 percent quarter-over-quarter. Rents rose by 3.5 percent, a notable increase, but not quite meeting the national average of 6 percent. The national rent increase reveals accelerated growth; in April, rents rose by 5.4 percent, year-over-year, and in March by 4.8 percent, year-over-year.

San Francisco and Oakland rents top the charts for major U.S. cities, showing increases of 14.4 percent and 11.4 percent, year-over-year. Perhaps the Facebook Effect is for real?

For more stats and analysis, click here.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/trulia_asking_prices_flat_after_three_months_of_increases/5618.