This week Trulia.com released their Price and Rent Monitor which uses current asking prices as an indicator of housing sales prices and rents. Compared to other major housing indices, Trulia’s new index provides an index with a much shorter lag time. Other indices are delayed by 5-8 weeks which makes it difficult to understand the current market. This is interesting to say the least and we’re definitely going to keep our eyes on this index to see how well it tracks with reality.
For now, let’s take a look at their first report for March 2012.
The report lists the top 100 markets across the U.S. and tracks Year-Over-Year (Y-O-Y) pricing changes for both housing prices and rents. Here is a summary of how Southeast Michigan has fared:
Asking Price Changes – Y-O-Y % Change
- Detroit +4%
- Warren-Troy-Farmington Hills +5.6%
- Detroit 2.2%
- Warren-Troy-Farmington Hills +8.9%
Generally we agree with these trends listed, so we will see how this new index predicts for the future.