Home prices are finally bouncing back, according to an industry report released on July 24th. Nationwide, home values rose 0.2 percent year-over-year to a median of $149,300 during the second quarter, the first annual increase since 2007, according to Zillow, the real estate listing website. Prices were up 2.1 percent from the first quarter.
Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24 percent since April 2007 when Zillow began to track home values.
Other home price indexes have also recorded gains lately, including the S&P/Case-Shiller home price index. In its latest release, it reported that home prices in 20 major markets rose 1.3 percent in April, the first monthly increase in seven months.
Phoenix was the biggest gainer with home values soaring 12.1 percent. The biggest loss sustained by any of the 30 largest metro areas was in Chicago where median home values fell 5.8 percent.
For information on homes in Denver and Denver real estate opportunities, visit www.DenverRealEstate.com.