If current trends persist, this year may be the first year since 2006 the housing market records an annual price increase, according to a report released Thursday by Trulia.
At the current rate of change, the year could close with a 4 percent price annual price increase. Asking prices rose 2.5 percent year-over-year in September. When foreclosure sales are excluded, prices were up 3.5 percent. Month-over-month, asking prices were up 0.5 percent in September.
Meanwhile, rent prices not only continue to rise but also are rising faster than home prices. Trulia recorded a 4.8 percent rise in rental prices year-over-year in September. In a survey of the 25 largest rental markets, Trulia found Houston and Miami experienced the steepest price gains year-over-year in September with rent in Houston rising 15.9 percent and rent in Miami rising 10.4 percent. On the other hand, San Francisco, which recorded a 14.5 percent rent price gain in June, posted a 7.2 percent gain in September.