Asking home prices rose 3.8% year-over-year, the largest annual increase to date, according to Trulia. In November, seasonally adjusted prices increased 0.8% month-over-month indicating an annualized growth rate of 10%.
The latest findings came from Trulia Price Monitor and the Trulia Rent Monitor, which reveal a peak into available trends in home prices and rents. Trulia bases its reports on houses for sale as well as rentals listed on the Trulia website through Nov. 30.
“The key factors behind today’s price gains are job growth, falling vacancies, and, above all, rebounding from the huge price declines of the housing bust,” said Jed Kolko, Trulia’s Chief Economist.
Year-over-year, rents continues to rise, jumping 5.6% nationwide, while price gain only experienced a 3.8% increase. With that in mind, asking prices in 14 or the 25 largest rental markets increased quicker than rents as the housing recovery picks up speed.
December 4, 2012, Trulia