Magazine article Mortgage Banking

Home Asking Prices Up 11 Percent Year-over-Year in August

Magazine article Mortgage Banking

Home Asking Prices Up 11 Percent Year-over-Year in August

Article excerpt

*The Trulia Price Monitor, produced by San Francisco-based Trulia Inc., reported asking prices for homes in August increased by 1.2 percent over the prior month and were up 11 percent on a year-over-year basis.

On a quarter-over-quarter basis, home asking prices were up by 3.1 percent in August, down from a 3.2 percent gain in July and a peak of 4 percent in April, the company said.

The August report also found that asking prices jumped by more than 20 percent in 13 of the 100 largest metro markets. Las Vegas led the way with an asking-price gain in August of 33.6 percent on a year-over-year basis.

A Trulia Trends report written by Trulia Chief Economist Jed Kolko noted, "Four metros have seen asking prices jump more than 25 percent year-over-year: Las Vegas; Sacramento, Oakland and Riverside-San Bernardino [California]. Nine more--including five more in California--have had price gains of 20 percent or more."

Kolko writes that in most of the markets with the biggest year-over-year price rebounds, construction this year is running far below normal. …

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