By Les Christie @CNNMoney July 24, 2012: 5:16 AM ET
NEW YORK (CNNMoney) — Home prices hit a bottom and are finally bouncing back, according to an industry report released Tuesday.
Nationwide, home values rose 0.2% year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1% from the first quarter.
Even though June marked the fourth consecutive month of home value increases, overall home prices are still down almost 24% since April 2007, when Zillow began to track home values.
“[I]t seems clear that the country has hit a bottom in home values,” said Zillow’s chief economist Stan Humphries. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.”
Last winter, Zillow projected that the housing market turnaround would not arrive until the end of the year.
Commentary from Bob Karp of Karp Properties LLC: The keyword here is NATIONWIDE home values increased. Some markets have already had increases, but up until now there has not been a broad based increase. Now, according to Zillow, it looks like the bottom is here and the long, slow climb back is starting. What does this mean for us here in Sierra Vista & Hereford, Arizona? Our prices are not yet increasing for residential sales. But it does look like the declines have about ended. Sellers who purchased anytime after 2005 through the end of 2011 should still expect that sales prices will be lower than their purchase price unless they got a great deal. The good news here is that as prices slowly increase throughout the country, more people will be able to relocate and that helps all of us that want to sell property.