Trulia: Asking House Price increases Slow in Hot Markets

From Trulia this morning: Trulia Price Monitor: Hottest Housing Markets Cool, While Warm Markets Heat Up

In November, asking home prices rose 12.1 percent year-over-year (Y-o-Y), increasing in 98 of the 100 largest U.S. metro areas. Regaining a bit of steam since the slowdown began in July, asking prices rose 1.0 percent month-over-month (M-o-M) and 3.0 percent quarter-over-quarter (Q-o-Q). In fact, the quarterly increase is the fastest in five months, though still lower than in the spring.
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The slowing of asking home price gains is most apparent in the housing markets with the biggest price rebounds. The slowdown – measured as the difference in the Q-o-Q price changes between November and August – was more than two percentage points in Las Vegas, Oakland, Atlanta, Phoenix, Detroit, and Los Angeles.

The price slowdown happening nationally is really a sharp deceleration in price gains in the hottest markets. Among the 100 U.S. largest metros, the quarterly price increase in the 10 metros where prices rose more than 20 percent Y-o-Y fell from 6.1 percent in August to 3.7 percent in November. But in the 56 markets where prices rose by less than 10 percent Y-o-Y, price gains actually accelerated in the most recent quarter, rising 1.6 percent in November compared with 1.3 percent in August. Prices accelerated in Philadelphia, Pittsburgh, and Miami, for instance.

“The price slowdown – like everything about housing – is all local,” said Jed Kolko, Trulia’s Chief Economist. “Price gains are cooling in 2013’s hottest markets, like Las Vegas and Oakland, but heating up in markets that haven’t been in the limelight.” emphasis added

Note: These asking prices are SA (Seasonally Adjusted) - and adjusted for the mix of homes - and this suggests further house price increases over the next few months on a seasonally adjusted basis.

More from Kolko: Hottest Housing Markets Cool, But Warm Markets Heat Up