The Federal Housing Finance Agencys latest House Price Index at the end of July, which we previously blogged about, informed us that home prices across the country are back to levels they were achieving back in May of 2004. Now, nationwide it can be reported that when looking to a year-over-year report, the listing site known as Zillow has brought forth results proving that for the first time since 2007 prices increased, now by 0.2%. This, then, accounted for a median sales price of $149,300 across the United States.
Compared to the first quarter of this year when great strides were being made, especially when it concerns the Boston and greater Massachusetts Real Estate markets, there still was a hugely positive sign across the whole of the US. The nations turnaround in the second quarter of 2012 improved on the first quarter by a lofty 2.1%. Zillow does admit that from their estimations it was only thought that any true sign of a recovery and stable growth in house prices would only occur right at the end of the year 2012. Evidently, this incorrect assumption is something we all can benefit from.
It is not just Zillow who is experiencing these trends from their findings, the S&P/Case-Shiller home price index reveals much of the same story. According to them, the twenty largest markets in the nation realized a 1.3% climb in April of this year over March which indeed was the first monthly increase from this sector in seven months. Although as referenced in the blog mentioned above in this article, prices are still far below where they were in 2007. However, there nonetheless have been confident leaps forward from the consumers which is thus having a domino effect by displaying a once again attractive Real Estate industry. A sense of optimism has us all poised for yet another takeoff in areas especially similar to Boston where stability in the market and faith from the populace has been demonstrated.
More Information: CNN Money