Asking Home Prices, Rents Ease in Most Hot Markets

Asking Home Prices, Rents Ease in Most Hot MarketsAsking prices rose 2.0 percent month-over-month and 11.5 percent year-over-year, but year-over-year growth should start to shrink in coming months, according to Trulia’s new updates on the housing market.
Across the country, 89 of the 100 largest metro areas had quarter-over-quarter price increases in September, down from 97 in June.
Meanwhile, rents nationally rose 3.0 percent year-over-year in September, down from 3.9 percent Y-o-Y in June.
Locally, rent rose more slowly in September than in June in 18 of the 25 largest rental markets, including Seattle, Denver, and Houston.
However, rents rose faster in September than in June in Portland, San Diego, Phoenix, and several other metros.
The Trulia Price Monitor and the Trulia Rent Monitor are the earliest leading indicators of how asking prices and rents are trending nationally and locally.
The price slowdown is affecting most local markets.
In September, asking prices in two-thirds of the largest metros rose less quarter-over-quarter than in June.
This downward trend was most apparent in Sacramento, Oakland, Orange County, and Los Angeles, where asking price gains had a slowdown of 2 percent or more, even though asking prices in those metros rose more than 20 percent year-over-year.
Atlanta was the only metro where prices are up at least 20 percent from a year ago and quarter-over-quarter.
Asking Home Prices, Rents Ease in Most Hot Markets

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