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Home prices: Bumping along the bottom?

Posted by Scott Van Voorhis July 24, 2012 05:00 AM

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That's what's latest home price report suggests.

The report, just released this morning, predicts Boston area prices will fall along .7 percent through the second quarter of 2013. Still, there are signs of short-term improvement, with prices having risen month over month for the past four months, though some of that probably has do to with the spring selling season.

Nationally, prices are forecast to rise 1.1 percent during the same time period.

Here's another sobering stat - 31.1 percent of all homes sold in the Boston area in June sold for a loss, according to Zillow.

Here is some of the Boston area data Zillow sent over - feel free to take a gander. I've cut and pasted it directly from the email.

Boston Metro:

  •  Boston Metro Home Value Forecast: The Boston metro hit bottom in 2011 Q4. Home values will fall 0.7% over the next year (Q2 2012 ? Q2 2013), according to the Zillow Home Value Forecast. Nationally, home values are projected to increase 1.1% over the next year.
  • Boston Metro Home Values: The median home value fell 1.2% year-over-year to a Zillow Home Value Index (ZHVI) of $307,600. Values rose for the fourth consecutive month, increasing 0.2% month-over-month and 1.0% from Q1 to Q2. Boston metro home values are now back to October 2002 levels. The ZHVI measures the value of all homes, not just those that sold in a particular period.
  • Bright Spots: Strafford (+14.8%), Suffolk (1.6%), and Rockingham (+0.2%) counties are seeing annual home value increase, rising 14.8%, 1.6%, and 0.2% from Q2 2011, respectively. More counties are available in the full Excel report.

o Major city breakout:
   Boston: ZHVI: $337,300, up 2% year-over-year, and up 1.5%
  Lowell: ZHVI: $169,000 2.9% percent year-over-year, but up 0.5%
  Cambridge: ZHVI: $423,400, down 0.1 percent year-over-year, but up 0.1%
 Quincy: ZHVI: $289,500, down 2.7% year-over-year, but up 2% quarter-

This blog is not written or edited by or the Boston Globe.
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Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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