Trulia: Asking Prices and Rents in DC Rise 3.5%

• July 3, 2012

by Shilpi Paul

Courtesy of Trulia Trends

Data released today reveals that both asking prices and rents in the DC area increased by 3.5 percent over the last year. Trulia Trends, the analytical wing of the real estate website that goes by the same name published its latest Price and Rent Monitors this morning, which revealed the findings.

(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.)

Nationally, the Monitors found that asking prices of for-sale homes increased by 0.3 percent since last month, while rents increased by 5.4 percent year-over-year. The 5.4 percent increase follows a 5 percent increase reported last month, which means that rents are accelerating. Trulia economist Jed Kolko told UrbanTurf that in DC prices increased 3.5 percent year-over-over, well above the national average, while rents also increased by 3.5 percent.

“We saw asking prices start to rise in February and predicted that other home price indexes would report sales price increases this summer for those homes – and they have,” Kolko said. “Since February, asking prices showed solid gains in four out of five months, including in June, so I expect to see the sales-price indexes show further increases in the months to come.”

San Francisco and Oakland rents still top the charts for major U.S. cities, showing increases of 14.7 percent and 11.2 percent, year-over-year. For more stats and analysis, click here.

This article originally published at http://dc.urbanturf.com/articles/blog/trulia_asking_prices_and_rents_rise_3_5/5731