Real estate research firm Zillow (NASDAQ: Z) reports that home prices have stabilized, based on data from the second quarter. This is the latest evidence that the sickening drop that began in 2006 may be over, at least in some markets. The company release said:
Home values in the United States have reached a bottom. The Zillow Home Value Index (ZHVI) rose on an annual basis for the first time since 2007, increasing 0.2 percent year-over-year to $149,300, according to Zillow’s second quarter Real Estate Market Reports. Values have risen for four consecutive months.
In addition:
Nearly one-third of metros, or 53 of the 167 covered by the Real Estate Market Reports, posted annual increases in home values.
Among the markets with the strongest improvements were those that have suffered the most during the housing recession. Prices in Phoenix were up 12.1% over last year’s quarter. Prices in Miami-Fort Lauderdale were up 6.4%. But, some battered markets continue to lose ground. Compared to the same quarter of last year, prices in Las Vegas were off by 2% and in Sacramento off by 2.1%.
Douglas A. McIntyre
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