A month or so ago, we opined that home prices would cease to appreciate at a double-digit rate. Perhaps we jumped the gun. Trulia reports average asking prices rose 1% in November compared with October. This helped lift the year-over-year rate to 12.1%.

But in our defense, Trulia reports that price appreciation is slowing in some markets, particularly in ones that experienced the greatest price growth. Among the 100 largest metropolitan markets, the quarterly price increase in the 10 metropolitan areas where prices rose more than 20% year over year fell to 3.7% in November from 6.1% in August. This is no surprise; the hottest markets are always the first cool (and vice versa).

The point we want to emphasis is that many local real estate markets have been hot over the past two years, so we should expect to see more cooling in more local markets. Three months from now, we wouldn't be surprised to see a cooling trend appearing in Trulia's data.

Courtesy of Jessica Regan.

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