Asking prices for local homes rise in February, data show

Las Vegas had a 20.7 percent year-over-year gain in home asking prices in February, and inventory is no longer in a free fall, online listing firm Trulia.com reported.

Asking prices rose 7 percent in the 100 largest metro areas tracked by Trulia, and rents rose 3.2 percent, the comapny’s February price and rent monitor showed.

The largest year-over-year price gains were in Phoenix (24.9 percent), Las Vegas (20.7 percent) and Oakland, Calif., (19 percent). The largest rent gains were in Houston (14.5 percent), Oakland (7.4 percent) and Miami (7.2 percent). Rents dropped 0.8 percent in Las Vegas.

Although inventory remains tight, it is now falling less sharply than it had been, Trulia chief economist Jed Kolko said. Inventory declined fastest in the six months just after prices bottomed in February 2012. Nationally, inventory is unlikely to rise this year, Kolko said.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.