Asking Prices Up, Rent Prices Rising Faster than Home Prices: Trulia

If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday byTrulia.

At the current rate of change, the year could close with a 4 percent price annual price increase.

Asking prices rose 2.5 percent year-over-year in September. When foreclosure sales are excluded, prices were up 3.5 percent.

Month-over-month, asking prices were up 0.5 percent in September.

“The timing of the housing price rebound couldn’t be better for President Obama,” said Jed Kolko, chief economist at Trulia.

He points out that asking prices are rising in most swing states, which will help Obama’s campaign.

North Carolina is the only swing state to record a year-over-year price decline in September, and that was less than a 1 percent decline.

Nevada posted the greatest increase among the swing states, 7 percent, closely followed by Florida with a 6.9 percent increase.

Colorado posted a 5.5 percent increase, Iowa, a 3.2 percent rise, Missouri a 2.4 percent gain, and Virginia posted a slight 0.4 percent increase.

Meanwhile, rent prices not only continue to rise but also are rising faster than home prices. Trulia recorded a 4.8 percent rise in rental prices year-over-year in September.

In a survey of the 25 largest rental markets, Trulia found Houston and Miami experienced the steepest price gains year-over-year in September with rent in Houston rising 15.9 percent and rent in Miami rising 10.4 percent.

On the other hand, San Francisco, which recorded a 14.5 percent rent price gain in June, posted a 7.2 percent gain in September.

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