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TRULIA REPORTS FLAT ASKING PRICES IN MAY AFTER THREE STRAIGHT MONTHS OF INCREASES, AS FORECLOSURE PRICES DECLINE

Rent Increases Accelerate to 6.0 Percent Year-over-Year Nationally, More Than 10 Percent in Top Metros

SAN FRANCISCO, June 5, 2012 – Trulia today released the latest findings from 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 Trulia, these monitors take into account changes in the mix of listed homes and reflect trends in prices and rents for similar homes in similar neighborhoods through May 31, 2012.

Asking Prices Flat in May, Ending Three Months of Increases
Asking prices on for-sale homes–which lead sales prices by approximately two or more months – were unchanged in May month-over-month, seasonally adjusted. Together with increases in April and March, asking prices in May rose nationally 1.6 percent quarter over quarter (Q-o-Q), seasonally adjusted.  The price increase unadjusted for seasonality was even higher: 5.2 percent Q-o-Q, since prices typically jump in springtime. Year over year (Y-o-Y) asking prices fell slightly by 0.2 percent. Nationally, 41 out of the 100 largest metros had Y-o-Y price increases, and 86 out of the 100 largest metros had Q-o-Q price increases, seasonally adjusted.

 

May 2012 Trulia Price Monitor Summary

 

% change in asking prices

# of 100 largest metros with asking-price increases

% change in asking prices, excluding foreclosures

Month-over-month, seasonally adjusted

0.0%

(not reported)

0.4%

Quarter-over-quarter, seasonally adjusted

1.6%

86

2.1%

Year-over-year

-0.2%

41

1.0%

Several metros saw prices turn around this quarter. Prices in Seattle, for instance, rose 4.4 percent Q-o-Q, seasonally adjusted, in May after falling 12.5 percent Y-o-Y in the previous twelve months. In Orlando, however, prices fell 0.5 percent Q-o-Q, seasonally adjusted, in May after increasing 5.9 percent Y-o-Y in the previous twelve months.

 

Top “Turnaround” Metros

Metros turning UP most

Metros turning DOWN most

Cleveland, OH

Fort Lauderdale, FL

Las Vegas, NV

Fort Worth, TX

Milwaukee, WI

Greenville, SC

Seattle, WA

Orlando, FL

Tacoma, WA

 

Toledo, OH

 

Note: “Turnaround” metros are those with largest percentage change from decrease to increase (first column) or increase to decrease (second column), comparing recent Q-o-Q (Feb-May 2012) with previous Y-o-Y (Feb 2011-Feb 2012). Metros listed in alphabetical order.

Declines in Foreclosure Prices Cancelled Out Gains in Non-Foreclosure Prices
Whereas asking prices overall fell 0.2 percent Y-o-Y, asking prices excluding foreclosures rose 1.0 percent Y-o-Y. (Unless otherwise specified, the Trulia Price Monitor includes asking prices on REO-stage foreclosed homes.) Foreclosure prices fell 5.8 percent Y-o-Y. In hard-hit Las Vegas, Atlanta and Sacramento, asking prices excluding foreclosures rose Y-o-Y, even though prices declined Y-o-Y when foreclosures were included. In these metros, foreclosure listings account for about half of the homes listed on Trulia. In contrast, foreclosure listings account for fewer than 5 percent of homes listed on Trulia in New York, Newark and Baltimore.

Rent Increases Accelerate to 6 Percent Nationally
In May, rents were 6.0 percent higher than they were a year ago, up from the 5.4 percent Y-o-Y rent increase in April, and 4.8 percent in March.[1] In San Francisco, rents rose 14.4 percent Y-o-Y in May; Oakland, Miami, and Denver rents are also up over 10 percent Y-o-Y. Of the 25 largest rental markets in the U.S., only in Las Vegas did rents decline Y-o-Y.

 

Where Rents Rose Most Among Largest Rental Markets

#

U.S. Metro

Y-o-Y % Change in Asking Rent, May 2012

1

San Francisco, CA

14.4%

2

Oakland, CA

11.4%

3

Miami, FL

11.3%

4

Denver, CO

10.5%

5

Boston, MA

9.8%

6

Seattle, WA

9.6%

7

Houston, TX

9.2%

8

Portland, OR-WA

6.8%

9

Chicago, IL

6.4%

10

New York, NY-NJ

5.9%

 

PRE-APPROVED QUOTES

  • “Asking prices and employment both stagnated in May, yet one more reminder that the housing recovery depends on job growth,” said Jed Kolko, Trulia’s Chief Economist. “The metros where prices rose the most have stronger demand from faster job growth and tighter supply from fewer foreclosed homes on the market.”
  • “Not only are rents rising, they are rising faster every month and rents are up in all of the largest markets except for Las Vegas. The economy has strengthened enough to increase rental demand, but has yet to recover strongly enough for renters to become homeowners,” said Jed Kolko, Trulia’s Chief Economist. “However, as rent increases continue to outpace price increases, owning a home will become even more affordable relative to renting for people who are able to buy.”                                                                                                                                                    

MULTIMEDIA

  • To download the full list of price and rent changes for the largest metro areas, see here.
  • To download a graph of price changes from November 2010 to May 2012, see here. 

METHODOLOGY
To view the full methodology and 2012 release schedule, see here.  The next release of the Trulia Price Monitor and the Trulia Rent Monitor will be Tuesday, July 3 at 10AM ET.

ABOUT TRULIA, INC.
Trulia gives home buyers, sellers, owners and renters the inside scoop on properties, places and real estate professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, crime and even ask the local community questionsReal estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper local advertising services, social recommendations and top-rated mobile apps. Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital. Trulia is a registered trademark of Trulia, Inc.



[1] Revised from rent increases previously reported.

For further information: Daisy Kong, pr@trulia.com, 415.400.7391


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