Trulia finds that nationally asking prices for homes rose 10.7% year-over-year in June.
Excluding foreclosures, prices jumped by 11.4% year-over-year. According to Trulia, this signals “that the current rise in asking prices is not primarily driven by the shift away from foreclosure to nondistressed homes for sale.
“However, the rate of increase will eventually slow down as
Trulia indicated that its latest data continue to bear out trends showing a bottom in asking prices occurred in February 2012, followed by an uneven turnaround in which cities where bargain-hunting for distressed properties started early prices rose first.
Among the most recent markets to hit bottom and experience price increases of more than 7% are Edison-New Brunswick, N.J.; Chicago; Lake County-Kenosha County, Ill.-Wis.; and Baltimore, Trulia finds.
In its latest monthly data Trulia also finds rents are up 2.8% year-over-year, the biggest increase in this category since January.
“Rents climbed most in Houston, Miami and Tampa-St. Petersburg, but fell in markets where prices were up more than 30%: Las Vegas, Oakland and Sacramento,” according to Trulia, which also noted that asking prices outpaced rents in just three cities: Houston, New York, and Philadelphia.
