Asking Home Prices Up 5.1% Year-Over-Year in December

Asking Home Prices Up 5.1% Year-Over-Year in DecemberAsking home prices rose 5.1 percent nationwide over last year in December, increasing in 82 of the 100 largest metro areas, according to Trulia.
Asking prices in December rose a modest 0.7 percent over the previous month, but it was the tenth gain in 12 months, for a 5.1 percent year-over-year gain.
Quarter-over-quarter prices rose 2.3 percent on a seasonally adjusted basis.
Moreover, 16 metros had price increases of more than 10 percent in 2012, compared with just two in 2011.
Price increases have steadily risen quarter-over-quarter in 2012: 0.8 percent in March 2012; 0.4 percent in June 2012; 1.4 percent in September 2012; and 2.3 percent in December 2012 – all seasonally adjusted.
In December 2012, Phoenix had the nation’s largest year-over-year price increase at 26.0 percent.
However, Las Vegas and Seattled recorded impressive turnarounds. Bot cities had double-digit price gains in 2012 after double-digit declines in 2011, making them the top rebounding housing markets of the year.
Phoenix had the third-largest improvement in 2012 compared to 2011.
All but one of the top 10 turnaround metro areas were in the West and Southwest, including four in California: Oakland, San Jose, Sacramento, and Fresno. Atlanta was the only market east of the Rockies to make the list.

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