Trulia: Home prices, rents rise again in August

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Las Vegas was one of two metros in Trulia's top 10 to show price increases in August after showing falling prices in May.

For the seventh straight month, asking prices on for-sale homes showed an increase in August, rising 2.3 percent year-over-year according to the Trulia Price Monitor [1]. Excluding foreclosures, prices were up 3.8 percent.

On a regional basis, Trulia reported the price of for-sale homes increased in 68 of the nation’s 100 largest metros, headed by Phoenix; prices there were up 24.2 percent from last August. The greatest change was seen in Tucson, Ariz., and Las Vegas, both of which showed gains in August despite posting price drops in the previous quarter.

The top 10 include:

1. Phoenix — 24.2 percent
2. Cape Coral-Fort Myers, Fla. — 16.5 percent
3. Warren-Troy-Farmington Hills, Mich. — 10.4 percent
4. West Palm Beach, Fla. — 10.4 percent
5. Tucson, Ariz. — 9.9 percent
6. Miami — 9.6 percent
7. Denver — 8.9 percent
8. San Jose, Calif. — 8.6 percent
9. Orlando, Fla. — 8.6 percent
10. Las Vegas — 6.9 percent

While rents rose more than twice as much as home prices at 4.7 percent, this is down from May’s rate of 5.8 percent. Year-over-year, Houston was first on the list with an 11.2 percent jump; Seattle was close behind at 10.4 percent.

The full top 10 includes:

1. Houston — 11.2 percent
2. Seattle — 10.4 percent
3. Denver — 9.9 percent
4. San Francisco — 9.7 percent
5. Miami — 9.7 percent
6. Oakland, Calif. — 9.7 percent
7. Boston — 8.7 percent
8. Philadelphia — 8.6 percent
9. Portland, Ore.-Wash. — 7.5 percent
10. New York, N.Y.-N.J. — 6.6 percent

To read the full Trulia report, click here [1].