Home Sellers Increase Asking Prices

Asking prices for residential real estate have risen by 11.7 percent during the 12 months ended in October, according to Trulia. The figure represents the largest increase since the housing bubble popped in 2007-08. Prices are rising unsustainably fast, warned Trulia chief economist Jed Kolko. “Even though the market is far from bubble territory, we still see the effects of fast-rising prices, including investors flipping homes and would-be sellers waiting longer to put their homes on the market,” he said. And home price increases are not occurring evenly across the country. Home prices in the metro areas of “blue states” are rising 12.5 percent compared to 11.1 percent for red states. Home prices in blue states are higher overall. | Read More