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Job Growth Driving Rising Home Prices

by Shilpi Paul

Job Growth Driving Rising Home Prices: Figure 1

Asking prices for homes across the country are now 8.3 percent higher than they were a year ago, reported Trulia on Tuesday. Though 95 out of 100 cities experienced gains, the areas with the highest price growth are those with strong job markets: nine out of the 10 cities with the highest price gains had above-average job growth this year.

“Jobs and housing demand go hand in hand,” said Trulia’s Chief Economist Jed Kolko. “When job growth attracts newcomers to an area, those newcomers need a roof over their heads. Plus, when people find jobs – even if they don’t move to a new city – they’ll often look for their own place to rent or buy instead of staying with roommates or parents.

In the DC area, home prices rose 8 percent annually and 4.7 percent quarter-over-quarter.

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, housing prices, asking prices

This article originally published at http://dc.urbanturf.com/articles/blog/trulia_job_growth_driving_rising_home_prices/7031

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