Home Values Inch Upward

CNNMoney says according to Zillow, home values rose +0.2% year-over-year in the second quarter to a median of $149,300, the first annual increase since 2007. The real estate listing site also said prices increased 2.1% from the first quarter. Even though overall home prices continue to be 24% down since 2007, June marked the fourth successive month of home value increase. Similarly, the S&P/Case-Shiller home price index reports home prices in 20 major markets rose 1.3% in April, marking the first monthly increase in seven months. But Zillow does not include foreclosed sales, much like other home price indexes, which tend to show larger price declines. As MHProNews has learned, less than one-third of the 167 markets surveyed by Zillow registered annual home price increases, but these were overshadowed by the remaining two-thirds: Home values in Phoenix soared 12.1% year-over-year to a median value of $136,200, while Chicago sustained the largest loss, with median home values falling 5.8% to$158,600.

(Photo credit: Benzinga)

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