In a report released by Trulia, which looks at changes in asking prices on homes that are for sale as a leading indicator of where the market is headed, asking prices on homes for sale were 0.5 percent higher in April than in March. Together with increases in March and February, asking prices for the 3 month period ending in April rose 1.9 percent from the price 3 month period. On a year over year basis, home prices were up 0.2 percent nationally.
The largest increases were in Miami and Phoenix, with prices leaping more than 15 percent year over year. Nationally, 44 of the 100 largest metro areas, had year over year price increases, and 92 of the 100 largest metros had quarter over quarter price increases (seasonally adjusted).
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Top 10 Metros With Largest Price Increases
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# U.S. Metro Y-o-Y % Change in Asking Price
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1 Miami, FL 16.1%
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2 Phoenix, AZ 15.8%
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3 Cape Coral-Fort Myers, FL 14.1%
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4 Pittsburgh, PA 8.5%
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5 West Palm Beach, FL 7.4%
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6 Warren-Troy-Farmington Hills, MI 6.9%
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7 Orlando, FL 6.5%
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8 Denver, CO 6.3%
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9 Bethesda-Rockville-Frederick, MD 5.2%
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10 Little Rock, AR 4.8%
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Asking Prices Rise in Select Pockets of New York and Los Angeles
Within the largest metro areas, asking prices rose year on year in some neighborhoods, but fell in others. Rents, however, rose in nearly all parts of these major metropolitan areas.
In New York, asking prices rose in Brooklyn most, followed by Manhattan, but prices fell in Queens, the Bronx, and several suburban counties.
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New York City Area
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Y-o-Y % Change in Y-o-Y % Change
Borough or County Asking Price in Rent
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Brooklyn 2.4% 5.7%
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Manhattan 1.1% 6.8%
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Staten Island 0.8% *
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Hudson, NJ (Jersey City) -0.2% 7.7%
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Queens -1.6% 7.1%
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Bronx -1.7% 4.7%
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Nassau, NY (Long Island) -2.1% 4.5%
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Bergen, NJ (Hackensack) -3.0% 2.0%
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Westchester, NY -3.1% 3.4%
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Note: The asterisk (*) denotes areas where sample sizes are too small to report Y-o-Y changes in rents.
In Los Angeles, asking prices increased only in the downtown area. Prices fell elsewhere throughout the region, most of all in Long Beach, where rents also fell.
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Los Angeles
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Y-o-Y % Change in Y-o-Y % Change
Area Code Asking Price in Rent
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Downtown LA (213) 3.8% 8.9%
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Riverside (951) -0.1% 1.8%
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San Fernando Valley (818/747) -0.7% 4.5%
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Orange County South (949) -0.9% 4.9%
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San Bernardino (909) -1.6% 5.5%
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Central LA (323) -1.8% 4.2%
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Pasadena / San Gabriel Valley (626) -3.4% 4.0%
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Orange County North (714/657) -3.5% 3.1%
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Westside LA / Beaches / Coast (310/424) -3.5% 1.9%
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Long Beach (562) -4.8% -6.3%
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In the San Francisco Bay Area, prices rose most in San Francisco and fell furthest in Alameda County. In the Chicago area, prices fell throughout the city and suburbs, whereas prices rose in all parts of the Washington, DC, area. To view similar local breakdowns for San Francisco, Chicago and Washington DC, click here.
“Housing prices have already bottomed with asking prices on the rise for three straight months. Aside from a stumble in December, asking prices have been stable or rising for the last eight months,” said Jed Kolko, Trulia’s Chief Economist. “Prices have joined the recovery, alongside sales and construction. But foreclosures threaten prices, especially in judicial-foreclosure states like Florida, New Jersey, Illinois and New York, where many more distressed sales are still to come.”
