Trulia Names Las Vegas and Seattle as 2012's Top Turnaround Housing Markets
Trulia today released the latest findings from the Trulia Price Monitor and the Trulia Rent Monitor, the earliest leading indicators available of trends in home prices and rents. Based on the for-sale homes and rentals listed on Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through December 31, 2012.
Asking Home Price Gains Accelerating, Rising 5.1 Percent in 2012
In December 2012, asking prices increased 5.1 percent nationally year-over-year (Y-o-Y), marking a huge turnaround from being down 4.3 percent in December 2011. Moreover, not only are prices rising, these gains have accelerated in the last year. Quarter-over-quarter price changes were 0.8 percent in Q1 (March 2012), 0.4 percent in Q2 (June 2012), 1.4 percent in Q3 (September 2012), and 2.3 percent in Q4 (December 2012), seasonally adjusted.
|December 2012 Trulia Price Monitor Summary|
% change in
# of 100 largest
% change in asking
2012's Biggest Turnaround Housing Markets: Las Vegas and Seattle
Asking home prices increased the most in Phoenix, which rose 26.0 percent Y-o-Y in December 2012; however, Las Vegas and Seattle experienced the year's most dramatic price turnarounds. Both had price gains of more than 10 percent in 2012 after declines of more than 10 percent in 2011. Overall, 2012 marked a huge turnaround year for most local housing markets. In fact, prices rose in 82 of the 100 largest metros at the end of December, compared with just 12 out of 100 in 2011.
2012's Top Turnaround Housing Markets for Asking Price Recovery
NOTE: Among 100 largest U.S. metros. Third column of figures equals the first column minus the second column.
Rents Up 5.2 Percent, But Prices Rising Faster in Phoenix and Las Vegas
Nationally, rents rose 5.2 percent Y-o-Y. Throughout 2012, rent increases Y-o-Y remained around 5 percent, even though asking price increases accelerated and have almost caught up with rent gains at the end of the year. Locally, rents rose most in Houston, Oakland, and Miami. Rent increases surpassed price increases by a wide margin in Houston, Chicago, Philadelphia, and Baltimore. In contrast, prices grew much faster than rents in Phoenix, Las Vegas, Riverside-San Bernardino, and Sacramento. Overall, prices rose faster than rents in 17 of the 25 largest rental markets in 2012.
|Where Rents Rose Most in 2012|
% Change in Rents,
% Change in Asking
New York, NY-NJ
|NOTE: Among largest 25 rental markets.|
- “What a difference a year makes. In 2012, prices rose in 82 of the 100 largest metros, compared with just 12 metros seeing price increases in 2011,” said Jed Kolko, Trulia's Chief Economist. “The 2012 price turnaround was strongest in the West and Southwest, where steady job growth and vanishing inventories lifted home prices by more than 10 percent in many markets.”
- “The housing market enters 2013 with a running start,” said Jed Kolko, Trulia's Chief Economist. “Price gains picked up steam in 2012, starting with modest increases early in the year and accelerating in the third and fourth quarter. In 2013, rising prices will encourage more new construction and some homeowners to sell, which will help alleviate the current inventory shortage.”
- To read the full report, see here.
- To download the full list of price and rent changes for the largest metro areas, see here.
- To download a graph of price changes from December 2010 to December 2012, see here.
To view the full methodology and 2013 release schedule, see here. The next release of the Trulia Price Monitor and the Trulia Rent Monitor will be Tuesday, February 5, at 10 AM ET.
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