Home values up for first time in 5 years
After American home prices hit rock bottom, they are finally bouncing back, according to an industry report released on Tuesday. Real estate listing site Zillow reported that home values nationwide have rose 0.2 percent consistently to a median $149,000 during the second quarter, the first annual increase since 2007. Prices have risen 2.1 percent from the first quarter.
Although June marked the fourth consecutive month of home value increases, as a whole, home prices remain down nearly 24 percent since April 2007, when Zillow began tracking home values. Zillow’s chief economist Stan Humphries said, “”[I]t seems clear that the country has hit a bottom in home values. The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.”