Home prices finally remember how to rise year-to-year
- The gain is small -- 0.2% -- but a Zillow report due Tuesday shows second-quarter prices this year are above 2011.
- Zillow's numbers are for comparable houses in the same communities rather than using median prices that can be skewed up or down by transactions.
- Stan Humphries, chief economist at Zillow, had been expecting a price bottom next year, but said the new report seems to indicate real strengthening.
From the article
Home prices in the second quarter rose from the year-ago period for the first time since 2007, according to a closely watched index, the latest indication that the housing market is starting to recover. ...