Housing asking prices rise for the seventh straight month

Asking prices for homes rose for the seventh straight month in August, especially in areas hit hardest by the housing crisis, hitting their highest level since the recession. 

A Trulia index, which tracks asking data and rents, released Wednesday found that year-over-year asking prices are up 2.3 percent and, excluding foreclosures, prices are up 3.8 percent. 

Meanwhile, rents cooled across the nation slowing to an increase of 4.7 percent on an annual basis in August, down from 5.8 percent in May. 

"Rents had been on fire earlier this year, but some of the hottest rental markets are starting to cool,” said Jed Kolko, Trulia’s chief economist.

“New construction that started last year is finally coming onto the market, giving renters more choices and some relief from rising rents," he said. 

Price gains are being seen across the nation, with 68 of the 100 largest metros showing year-over-year increases while 87 of 100 saw price increases quarter-over-quarter, according to the report. 

Housing prices also were up 0.8 percent on a monthly basis. 

The Southwest, hit particularly hard by the housing bust, is experiencing the strongest rebound with prices up 24 percent in Phoenix, the top gainer among the 100 largest metros. 

In the past three months, Tucson (9.9%) and Las Vegas (6.9) shifted from reporting falling prices in May and moved into the top 10 list of cities with rising prices year-over-year in August. 

Prices in other battered markets are seeing solid gains including three Florida that are now in the top 10 — second-ranked Cape Coral/Fort Myers (16.5%), sixth-ranked Miami (9.6%) and ninth-ranked Orlando (8.6). 

Still, rents are up in most major rental markets including Houston, Seattle, Denver, San Francisco and Miami round out the top five with the largest increases.