Tuesday, July 3, 2012

Trulia: Denver and Colo. Springs asking prices up, rents soar

Asking prices for homes and rents increased in both Denver and in Colorado Springs during June 2012 according to a new report released today by Trulia. According to the report, the asking price for purchase homes increased 7.2 percent, year over year in Denver, and it increased 4.3 percent in Colorado Springs during June. Rents also increased during the same period, rising 10.9 percent in Denver and 13.7 percent in Colorado Springs.

According to Trulia:

Asking prices on for-sale homes–which lead sales prices by approximately two or more months – increased 0.3 percent in June month over month (M-o-M), seasonally adjusted. With the exception of nearly flat prices in May, prices rose in four of the past five months. Asking prices in June rose nationally 0.8 percent quarter over quarter (Q-o-Q), seasonally adjusted.  Year-over-year (Y-o-Y) asking prices rose by 0.3 percent; excluding foreclosures, asking prices rose Y-o-Y by 1.7 percent. Nationally, 44 out of the 100 largest metros had Y-o-Y price increases, and 84 out of the 100 largest metros had Q-o-Q price increases, seasonally adjusted.
Asking prices rose Y-o-Y by 15 percent or more in Phoenix and Miami. However, seven of the 10 metros with the largest increase in asking prices also have a high share of homes in foreclosure, including Phoenix, the Florida metros, and Detroit and its suburbs. These coming foreclosures threaten to reduce or reverse recent price gains in those markets. In contrast, Denver, San Jose, Pittsburgh, Little Rock, Austin and Colorado Springs all had price gains of more than 4 percent with a moderate or low share of homes in foreclosure.
For June 2012, only 7 of 100 markets showed larger year-over-year changes in rents than Denver and Colorado Springs: Columbus, Ohio; Edison, NJ;  Ft Worth, TX;  Middlesex County, MA;Oakland, CA; Raleigh, NC; and San Francisco, CA.