Asking prices rise for sixth consecutive month
Asking prices on for-sale homes – which lead sales prices by approximately two
or more months – increased 0.5 percent in July compared with June, according to
Trulia’s Price Monitor. This marked the sixth consecutive monthly
gain. Meanwhile, asking prices rose nationally 1.2 percent quarter over
quarter. Year-over-year, asking prices rose by 1.1 percent; excluding
foreclosures, asking prices rose 2.7 percent year over year. For the first
time, a majority (62 out of 100) of large metros had year-over-year price
increases.
Comparing the yearly gains with the most-recent quarterly gains,
the housing price recovery has clearly shifted from Florida to Arizona,
California and Nevada. Although Miami and other Florida metros had large
year-over-year price increases, Las Vegas and other Southwestern metros had
faster gains in the most-recent quarter. Tucson, San Jose, and Phoenix had the
largest quarter-over-quarter price gains, and no Florida market made the top
ten list for the quarter. Meanwhile, tighter vacancies and stronger job growth
pushed up prices in Las Vegas, San Jose, San Francisco, and Omaha on a
quarterly basis.
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