Thursday, April 5, 2012

New Trulia price and rent monitors: Denver, Colo Springs prices and rents up

Asking prices for homes and rents increased in both Denver and in Colorado Springs during March 2012 according to a new report released today by Trulia. According to the report, the asking price for purchase homes increased 4.5 percent, year over year in Denver, and it increased 4.0 percent in Colorado Springs during March. Rents also increased during the same period, rising 9.9 percent in Denver and 7.6 percent in Colorado Springs.

According to Trulia:

Trulia today launched 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, these Monitors take into account changes in the mix of listed homes, reflecting trends in prices and rents for similar homes in similar neighborhoods through March 31, 2012.

Asking Prices Jump More Than 10 Percent in Cape Coral, Miami and Phoenix Year-Over-Year
The Trulia Price Monitor revealed that asking prices rose year-over-year in all large Florida metros, and fastest in Cape Coral-Fort Myers and Miami. Asking prices also rose in Phoenix, Pittsburgh and the Detroit area. Meanwhile, local housing markets in much of the West continue to struggle. Prices fell most in Tacoma and Seattle, followed by Sacramento and Las Vegas. All large California metros saw year-over-year price declines.

Rents Continue To Climb, Rising Nationally 5.0 Percent Year-Over-Year
Asking rents rose over the past year in almost all large metro areas included in the Trulia Rent Monitor. In the largest metros, rents rose 6.2 percent in New York and 6.1 percent in Chicago, but only 0.6 percent in Los Angeles. Rents rose strongly in Miami (12.1 percent) and Denver (9.9 percent), which also experienced large asking price increases. Meanwhile, rental affordability declined in places where rents rose while prices fell, most notably in San Francisco (rents up 11.1 percent), Seattle (9.7 percent), San Jose (9.4 percent) and Boston (9.2 percent).

For March 2012, only 4 of 100 markets showed larger year-over-year changes in rents than Denver: Miami, FL; North Pot-Bradenton-Sarasota, FL; Edison-New Brunswick, NJ; and Middlesex County, MA.

Colorado Springs was also an area with relatively high rent growth. Only 10 of 100 markets showed larger year-over-year rent increases than Colorado Springs for March.