Few weeks ago, I wrote a blog Texas Real Estate arena is changing towards seller’s from buyer’s market a year or two ago. It is a good sign and welcome one for Real Estate which was in deep trouble few years ago and everyone thought it will ever revive back. But at the same time it is a concern for buyers who are just starting to coming to the market. Too much price increase might also shoot back at ya and can slow down again depending on the economic developments. Similar price change seems to happening the housing market all over the nation according to the Trulia’s recent Price monitor and report.
In October, asking prices rose 0.7% month-over-month, for a 2.9% year-over-year increase – the biggest yearly gain in the Trulia Price Monitor to date. More than two thirds of large metros – 69 out of 100 – had year-over-year price increases. The month-over-month and quarter-over-quarter price increases are larger when foreclosures are included than when they’re excluded – which means foreclosure prices are now rising faster than prices on non-distressed homes.
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October 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 |
0.7% |
(not reported) |
0.5% |
| Quarter-over-quarter, seasonally adjusted |
1.8% |
76 |
1.4% |
| Year-over-year |
2.9% |
69 |
3.6% |
Do you want to know how does the market now compare to 4 years ago when Obama took his first time? Here is the answer,
Home prices at the end of 2012 should be 1.1% below the level when he took office in January 2009. Here’s why: according to the latest Case-Shiller data, sales prices fell 3.3% between January 2009 and August 2012. Looking forward, the Trulia Price Monitor shows that sales prices should rise another 2.3% from August to December because asking prices rose by that amount from June to October and tend to lead sales prices by two months. Altogether, we expect the overall change in housing prices from January 2009 to the end of Obama’s term to be -1.1%.
As per the map price change map above, it clearly shows the Texas is in green with a moderate price change from 2-2.5% proving the point again underlined in Texas Real Estate Housing Report I posted few weeks again in my blog. This price change may cause little worry but don’t. It is just few signs of improvement in the Real estate arena which is positive one and hope it continues to improve and help the economic growth to move forward.To read the full report from Trulia, click here.
About Vijaianand Thirnageswaram
I am a Proud Realtor of Texas, trying to guide and help clients to find their dream home and educate them to buy them for right price. I am also a Candidate for CFP who has more financial knowledge which allows me share and educate clients in any financial decision making process.
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