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Home prices rise in November, still outpaced by rental rates

12.04.2012

Despite the residential property gains, prices throughout the rental market increased at a much faster pace.

Home prices increased significantly so far this year and continued to do so in November as the real estate industry gained additional footing.

During the month, property values appreciated 3.8 percent from November 2011, according to a report from Trulia. Meanwhile, this marked a 0.8 percent increase from the previous month. 

"The key factors behind today's price gains are job growth, falling vacancies, and - above all - rebounding from the huge price declines of the housing bust," said Trulia chief economist Jed Kolko.

Despite the residential property gains, prices throughout the rental market increased at a much faster pace, the report said. Last month, nationwide rents rose 5.6 percent from November 2011.

Although these developments make the prospect of owning a home much more affordable than renting one in most areas, many consumers still find it difficult to make the transition to homeownership. Stagnant wages and job uncertainty are major contributors to this development, as lending standards are much stricter nowadays than they were at the housing market's peak.

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