A report just released by Trulia today which is based on the for-sale homes and rentals listed on Trulia, shows that asking prices for Saint Louis homes for sale decreased 2.4 percent from a year ago however Saint Louis rental rates increased 3.2 percent during the same period.
Nationally, home prices increased 0.3 percent in June from a year ago and rents were 5.4 percent higher in June than a year ago.
Source: Trulia
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June 2012 Trulia Price Monitor Summary
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# of 100 largest % change in asking
% change in asking metros with asking- prices, excluding
prices price increases foreclosures
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Month-over-
month,
seasonally
adjusted 0.3% (not reported) 0.8%
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Quarter-over-
quarter,
seasonally
adjusted 0.8% 84 2.2%
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Year-over-year 0.3% 44 1.7%
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Despite Big Price Gains, Phoenix, Miami, and Detroit Face New Foreclosure Wave
Asking prices rose by 15 percent or more from last year in Phoenix and Miami. However, seven of the 10 metros with the largest increase in asking prices also have a high share of homes in foreclosure, including Phoenix, the Florida metros, and Detroit and its suburbs. These coming foreclosures threaten to reduce or reverse recent price gains in those markets. In contrast, Denver, San Jose, Pittsburgh, Little Rock, Austin and Colorado Springs all had price gains of more than 4 percent with a moderate or low share of homes in foreclosure.
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Metros with Largest Price Increases
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Y-o-Y % Change in Asking Homes in Foreclosure, per
# U.S. Metro Prices, June 2012 1,000 Housing Units
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1 Phoenix, AZ 18.9% 25.5
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2 Miami, FL 16.1% 33.7
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3 Cape Coral-Fort
Myers, FL 14.9% 30.5
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4 West Palm Beach, FL 9.6% 26.1
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5 Denver, CO 7.2% 11.9
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6 Orlando, FL 6.8% 29.3
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7 Warren-Troy-
Farmington Hills,
MI 6.5% 17.5
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8 San Jose, CA 6.2% 10.0
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9 Detroit, MI 5.2% 21.2
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10 Pittsburgh, PA 5.1% 4.4
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Note: Among 100 largest metros. Foreclosure data provided by RealtyTrac. National average is 10.2 homes in the foreclosure process per 1,000 housing units.
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Metros with Largest Rent Increases
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Y-o-Y % Change in Asking Y-o-Y % Change in Asking
# U.S. Metro Rent, June 2012 Rent, March 2012
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1 San Francisco, CA 14.7% 10.9%
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2 Oakland, CA 11.2% 7.0%
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3 Denver, CO 10.9% 9.4%
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4 Miami, FL 10.5% 11.2%
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5 Boston, MA 10.3% 8.6%
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