Asking Prices Slowing Down

Asking Prices Slowing Down, But Rise Year Over Year
In October, asking prices for homes listed for sale increased 0.6 percent month-over-month, the second-slowest monthly gain in seven months, according to Trulia’s latest Price Monitor report. This continued slowdown in asking prices is largely due to expanding inventory, rising mortgage rates, and declining investor activity. Asking prices could potentially slow further if consumer confidence suffers from the ongoing budget uncertainty and future shutdown and debt-default worries. Nevertheless, the monthly, quarterly, and yearly gains are all still high compared with historical norms. In fact, asking prices rose 11.7 percent year-over-year – the highest increase since the housing bubble burst.