Rents in July increased in 24 of the 25 largest U.S. rental markets, including Denver, compared with July of last year, according to the Trulia price and rent monitor. The study found that rent increases topped 10 percent in six cities. San Francisco was first, at 12.4 percent, while Denver ranked fourth, at 10.5 percent. Overall, rents rose 5.3 percent nationally, continuing an upward climb.
Asking prices on for-sale homes — which lead sales prices by approximately two or more months — increased 0.5 percent in July month-over-month, seasonally adjusted, for a sixth-straight monthly gain.
Meanwhile, asking prices rose nationally 1.1 percent year-over-year; excluding foreclosures, asking prices rose 2.7 percent year-over-year. Denver had one of the larger price increases, 8.6 percent. Asking prices rose 1.2 percent quarter-over-quarter, seasonally adjusted, including 3.8 percent in Denver.
“The housing-price recovery looks stronger than at any other point since the bust,” said Jed Kolko, Trulia’s chief economist. “For the first time, prices are up year-over-year in a majority of metros, and asking home prices have increased for six straight months. Rents, however, are rising even faster than prices in most markets. These price and rent increases, along with declining vacancies, should encourage new construction, which means housing will finally start contributing to the economic recovery.”
Source: Denver Post