Home prices on real estate portal Trulia’s website were up 2.5 percent in September from a year ago, the largest year-over-year increase since the housing recession began, according to a monthly report from Trulia.
The increase portends that 2012 will likely see the first calendar-year list price increase since 2006, said Jed Kolko, Trulia’s chief economist.
The report, which covers for-sale and for-rent properties listed on Trulia through Sept. 30, showed that asking prices on for-sell homes posted annual gains in 74 of the 100 largest U.S. metro areas.
September 2012 Trulia list price summary
|Time period||Change in list prices||Change in list prices, excluding foreclosures||No. of 100 largest metros with list-price increases|
|month-over-month, seasonally adjusted||0.5%||0.6%||(N/A)|
|quarter-over-quarter, seasonally adjusted||1.6%||1.9%||86|
And, the report showed, list prices of homes for sale on the site rose 0.5 percent from July to August, the eighth straight month of gains.
When foreclosures were excluded, asking prices were up 3.5 percent nationwide from a year ago, the report noted.
"Right now, prices are recovering across the country, with few local markets left behind," Kolko said.
Asking rents were up, too, jumping 4.8 percent from a year ago in September.
As was the case last month, growth in asking rents outpaced annual list price increases, the report said.
Metros* with largest increases in asking rent, September 2012
|Rank||Metro||Change in asking rents from a year ago|
|10||Minneapolis-St. Paul, Minn.-Wisc.||6.0%|
*Among the 25 largest rental markets
Asking prices have also risen on an annual basis in some key U.S. Presidential election "swing" states, which may have an effect on how those states’ all-important voters view President Obama’s record on housing, the report noted.
Asking-price changes in swing states
|Swing state*||Year-over-year change in asking prices, Sept. 2012|
*As categorized by Real Clear Politics, as of Oct. 2
President Barack Obama and Gov. Mitt Romney have not been too vocal on housing issues so far in the lead up to the election, Kolko said, but Gov. Romney’s proposed $17,000 income tax deduction cap is a likely springboard to a housing discussion. The fact that close to half of the value of tax deductions are housing-related — the most notable of which being the mortgage-interest deduction — means that the proposed cap may be a way housing policy enters the spotlight, he said.
|Contact Inman News:|
|Letter to the Editor|