1:49 PM » Trulia: Asking House Prices up 7.4% year-over-year in November
From Trulia chief economist Jed Kolko: Housing's Millennial Mismatch Nationwide, asking prices on for-sale homes jumped 1.5% month-over-month in November, seasonally adjusted - a surprisingly large increase. Future months will tell whether this was a blip or the beginning of a sustained climb. Year-over-year, asking prices rose 7.4%, down from the 10.3% year-over-year increase in November 2013. Asking prices rose year-over-year in 98 of the 100 largest U.S. metros - everywhere but Little Rock and New Haven. Four of the 10 metros where asking prices rose most year-over-year were in Florida. These Sunshine State markets have older populations, and they all have a lower share of millennials than the national average of 21% and a higher share of baby boomers than the average of 24%. In fact, only one of the 10 markets with the largest price increases in November has a higher share of millennials than the national average-and only slightly (Las Vegas, at 22%). Rents continued to climb. Nationwide, rents rose 6.1% year-over-year in November . Still, rent gains have cooled since August in 14 of the 25 largest rental markets, including the Northern California markets of San Francisco, Oakland, and Sacramento. emphasis added Note: These asking prices are SA (Seasonally Adjusted) - and adjusted for the mix of homes - and although year-over-year price increases had been slowing, the year-over-year change increased in November. The month-to-month increase suggests further house price increases over the next few months on a seasonally adjusted basis. There is much more in the article .