Thursday, May 24, 2012

Trulia: Rent growth in Denver and Colo. Springs among top ten in nation

Asking prices for homes were up 6.3 percent in the Denver area, year over year, during April 2012, according to a new report from Trulia. Denver was listed among the top ten metros for price increases.

Meanwhile, both Colorado Springs and metro Denver were listed among the top ten metros with the largest rent increases. According to the report, rents in Denver metro increased 9.8 percent from April 2011 to April 2012, while rents increased 10.2 percent in Colorado Springs during the same period.

According to Trulia:

Asking prices on for-sale homes-which lead sales prices by approximately two or more months-were 0.5 percent higher in April than in March, seasonally adjusted. Together with increases in March and February, asking prices in April rose nationally 1.9 percent quarter over quarter (Q-o-Q), seasonally adjusted.  The price increase unadjusted for seasonality was even higher: 4.8 percent Q-o-Q, since prices typically jump in springtime. Year over year (Y-o-Y), asking prices rose 0.2 percent nationally.

The largest increases were in Miami and Phoenix, with prices leaping more than 15 percent Y-o-Y. Nationally, 44 out of the 100 largest metros had Y-o-Y price increases, and 92 out of the 100 largest metros had Q-o-Q price increases, seasonally adjusted.

The year-over-year price increases are significantly larger in the Trulia study than in recent State of Colorado vacancy and rent studies. In the state's study, the year over year rent increase for the  first quarter (March data) was 4.5 in metro Denver and 2.4 percent in Colorado Springs. See here for more.