Asking prices for homes finally falling?
A new report from the real-estate portal Trulia provides more evidence that the increase in home prices may finally be moderating.
The July 2013 Trulia Price Monitor and Trulia Rent Monitor found that asking prices dropped 0.3% from June, the first monthly price decrease since November 2012. The price increase for the quarter was 3.3%, down from 4.2% the previous quarter.
"If you were worried about a housing bubble, July’s asking-price slowdown will probably be the best news you’ve heard this year,” Jed Kolko, Trulia’s chief economist, said in a news release.
"If you were worried about a housing bubble, July’s asking-price slowdown will probably be the best news you’ve heard this year,” Jed Kolko, Trulia’s chief economist, said in a news release.
The biggest slowdown in price increases was in California and other Western areas that have seen big increases in the past year. However, in the 13 cities that showed the greatest declines in the rate of increase, those increases still ranged from 17.4% to 33.7% year over year and from 3.3% to 7.5% quarter over quarter
The asking-price increase was less than in the previous quarter in 64 of the 100 markets analyzed.
Home prices are still rising faster than rents: 11% versus 3.9% year over year, according to Trulia's calculations. "Although buying remains much cheaper than renting in most markets, buying today is not the bargain it was last year," Trulia wrote.
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