Trulia: Asking Prices in 2012 Up 6.4 Percent

• January 3rd 2013

by Shilpi Paul

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Data released Thursday by Trulia revealed that asking prices for homes across the country rose significantly in 2012, marking a huge turnaround in the housing market. Specifically, 82 out of 100 metros recorded price increases in 2012, compared to just 12 markets in 2011.

Trulia’s latest Price and Rent Monitors revealed that asking prices rose by 6.4 percent in the DC area between December 2011 and December 2012, and increased 5.1 percent nationwide. The nationwide gains are in stark contrast to December 2011 when asking prices recorded a 4.3 percent year-over-year decline.

“Prices ended 2012 with accelerating gains: the fourth quarter was the strongest of the year, seasonally adjusted,” said Jed Kolko, Trulia’s Chief Economist. “The quarter-over-quarter price change in December (which covers Q4) was +2.3% — compared with +1.4% in Q3, +0.4% in Q2, and +0.8% in Q1.

While home prices in the DC region are rising notably, rent increases, which have been the story of the past 18-24 months, are not keeping pace. In DC, asking rents were up 3.2 percent year-over-year, up slightly from a 2.6 percent increase in November. Nationwide, rents increased 5.2 percent annually.

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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.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/trulia_asking_prices_in_2012_up_6_4_percent/6472.