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September 5, 2012
After several years of miserable housing market conditions, it seems sellers are getting a little more comfortable with nudging up their asking prices. While that's good news for sellers and underwater homeowners, house hunters looking for bargain basement deals could be running out of time.
Asking prices—the earliest indicator of the direction of property values—rose 2.3 percent in August year-over-year, according to real estate site Trulia, with gains recorded in more than two-thirds of the nation's largest metro areas.
That's the largest annual jump reported by the Trulia Price Monitor index, and the largest year-over-year increase since the beginning of the recession. Cutting out foreclosures, which tend to sell at deep discounts and drag down home values overall, means the gains were even higher, with asking prices nationally rising almost 4 percent.