Data released today reveals that asking prices in the DC area and around the country continue to move up steadily, exceeding the pace that rents are increasing in many cities.
In November, asking prices rose by 6.4 percent year-over-year in the DC area and 3.8 percent nationwide, according to Trulia’s latest Price and Rent Monitors, which were released this morning. (If you exclude foreclosures, asking prices year-over-year nationally increased 4.3 percent.)
But the increase in home prices depends on where you are.
“Prices are rising faster than at any point since the bubble burst, but the price recovery is becoming more uneven,” said Jed Kolko, Trulia’s Chief Economist. “Even though prices rose at a 10 percent annualized rate in the last quarter, more metros are seeing price declines. The price recovery is strongest in the largest metros, and price gains have now surpassed rent gains in the largest 25 rental markets. However, price gains are starting to waver in smaller markets.”
While home prices in the region are rising, Trulia’s Rent Monitor found that rents are slowing down considerably. In DC, asking rents were up 2.6 percent year-over-year, down notably from a 3.4 percent increase in September. Nationwide, rents rose 5.6 percent annually. Houston, Cleveland and Oakland were the only cities with year-over-year rent increases that exceeded 11 percent.
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.
See other articles related to: trulia trends
This article originally published at http://dc.urbanturf.com/articles/blog/trulia_dc_home_prices_rise_as_rent_increases_slow_down/6380
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