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Trulia report: Asking prices flatten in May, up for the quarter
Asking prices on for-sale homes flattened out from April to May, according to Trulia Price Monitor data released today, but they sat 1.6 percent higher than in the first quarter of 2012.
Trulia Price Monitor, May 2012, home prices, rent, increases, flattened, quarter
Asking prices on for-sale homes flattened out from April to May, according to Trulia Price Monitor data released today, but they sat 1.6 percent higher than in the first quarter of 2012. The flat rate marks the first time in three months that prices have not increased from one month to the next.
The overall flat annual rate of change is reflected in the individual performance of the nation’s 100 largest metropolitan areas: out of that group, only 41 saw higher prices in May 2012 than May 2011. The top 100 performed much better on a quarterly basis — 86 realized greater prices than the same time last year.
Several metros saw significant price changes for the month, in both directions. Toledo, Ohio was the biggest gainer, with asking prices rising 4.8 percent from the first quarter of 2012. Others with higher prices included Seattle; Cleveland; Las Vegas; Milwaukee; and Tacoma, Wash.
Conversely, prices fell most sharply in Orlando and Fort Lauderdale, Fla.; Fort Worth, Texas; and Greenville, S.C.
Foreclosure prices took a hit in May, dropping 5.8 percent and having significant effect on asking prices as a whole. This was especially true in markets like Atlanta, Sacramento, and Las Vegas, where roughly 50 percent of the total market consists of foreclosures.
Trulia’s data also shows national rental prices rose 6 percent between May 2011 and May 2012. The increase was felt the most in San Francisco, where renters paid 14.4 percent more than last year.
To read the rest of Trulia’s report, click here.