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A Home Values See Annual Increase, Other Factors Continue Improving
|A new housing market report reveals home values in the second quarter posted their first annual increase in almost five years, as activity continues to boost industry activity.
Friday July 27th, 2012
A new housing market report reveals home values in the second quarter posted their first annual increase in almost five years, as activity continues to boost industry activity.
While many prospective buyers have been waiting for home prices to drop lower, data from Zillow reveals home values in the U.S. have already reached bottom. The Home Value Index shows values were up on an annual basis in the second quarter for the first time since 2007, jumping 0.2 percent from this time last year, reaching $149,300.
"After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values," said Dr. Stan Humphries, chief economist of Zillow. "The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.
Nearly a third of all metros included in the report saw annual increases in home values, with the largest being in Phoenix, where they jumped 12.1 percent when compared to values this time last year. Zillow predicts 67 of the 156 markets included in the Home Value Forecast will see increases throughout the next year, including a projected 6.1 percent gain in the Miami area. Overall, home values nationwide are expected to improve by 1.1 percent.
Values in Tampa are also expected to rise 2.3 percent, while the market in Orlando could increase 2.8 percent by the second quarter of 2013.
A lower number of foreclosures also indicated an improving market, as June continued to support the downward trend that began in January. According to the the report, only 5.8 of every 10,000 homes subdued to foreclosure in June, compared to the first month of the year when 7.9 of every 10,000 properties were lost.
"Of course, there is still some risk as we look down the foreclosure pipeline and see foreclosure starts picking up," he said. "This will translate into more homes on the market by the end of the year, but we think demand will rise to absorb that, particularly in markets where there are acute inventory shortages now.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.