Data released on Monday reveals that housing asking prices in the DC area and around the country are moving up more than ever, however rents in the region, are slowing their rise.
In October, asking prices rose by 5.7 percent year-over-year in the DC area and 2.9 percent nationwide, according to Trulia’s latest Price and Rent Monitors. (If you exclude foreclosures, asking prices year-over-year nationally increased 3.6 percent.)
“Continued widespread price increases are good for homeowners but not for home-seekers,” said Jed Kolko, Trulia’s Chief Economist. “For homeowners, rising prices add to their wealth and help bring underwater borrowers closer to positive equity. For home-seekers, however, rising prices could put homeownership out of reach. In markets like Denver, San Francisco, and Oakland, where prices and rents are both rising, higher prices mean higher down payments, but rising rents make it harder to save enough.”
While sale prices are rising, Trulia’s Rent Monitor found the rate of acceleration for residential rents is slowing down. In DC, asking rents were up 2.7 percent year-over-year, down from a 3.4 percent increase in September and a 3.7 percent increase in August. Nationwide, rents rose 5.1 percent annually, still outpacing the housing price increase.
For more stats and analysis, click here.
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.com/articles/blog/trulia_rent_in_dc_slowing_their_rise/6254
Most Popular... This Week • Last 30 Days • Ever
How much does a deeded parking spot run you in the District? And what about renting?... read »
For the sixth month in a row, active listings for sale in the DC area increased... read »
Paula Wu manages a real estate and development company between classes, and now... read »
In What X Buys You this week, UrbanTurf takes a look at properties on the market... read »
Proposals to redevelop the Navy Yard chiller site, a plot of land near the Navy Yard... read »
Eataly has signed a letter of intent for somewhere in the vicinity of 30,000 to... read »
Having a very good credit score is crucial if you want to be pre-approved for a home... read »
Small living is about to take on a whole new meaning on one of the city's hippest... read »
Why condo fees are high in some buildings and low in others can be a difficult... read »
An oversupply of apartments and an undersupply of condos can't be fixed by... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting... read »
President Obama travels to Denver this morning to sign the stimulus bill that has... read »
At Wednesday night's ANC 2F Design Review Committee meeting, developers presented... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We’ve collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!