Nationally, asking prices on for-sale homes rose 10.7 percent
year-over-year in June, according to the Trulia Price Monitor. Even
excluding foreclosures, prices jumped 11.4 percent year-over-year, signaling
that the current rise in prices is not primarily driven by the shift away from
foreclosure to non-distressed homes for sale. However, asking prices will
eventually slow down as mortgage rates rise, inventory expands, and investor
demand falls.
Nationally, asking home prices bottomed in February 2012 – but the
turnaround has been uneven. Prices first rebounded two years ago in San Jose,
Phoenix, Denver, Miami, and a few other housing markets where job growth or
bargain buying started boosting prices earlier. Meanwhile, prices continued to
fall in several East Coast and Midwest markets until three to six months ago.
Now with the housing recovery in full swing, asking prices rose in 99 of the
100 largest metros. Among these recently bottoming markets, prices rose more
than 7 percent in Edison-New Brunswick, NJ, Chicago, Lake County-Kenosha
County, IL-WI, and Baltimore.
Source: Trulia
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