National home prices decline during second quarter

National home prices declined by 0.4 percent during the second quarter.According to Zillow's Real Estate Market Report for the second quarter, national home prices were down on a quarterly and yearly basis.Zillow's Home Value Index revealed home prices nationwide fell to an average of $171,600, which is 0.4 percent lower than the price between January and March and 6.2 percent from last year. From its peak, the average price is now down 28.8 percent.However, despite the national trend, close to two-thirds of the 25 largest metropolitan areas surveyed by the company showed price appreciation.”While there are many positive signs in the second quarter, and it is clear the post-tax credit free-fall of home values is over, we're not out of the woods yet,” said Zillow chief economist Stan Humphries. “It is very encouraging that two-thirds of markets in our report experienced home value appreciation, but we have to remember that this is coming on the heels of one of the worst quarters since the housing recession began.”In Texas, Dallas' housing sector recorded a 1.6 percent price increase, growing to an average of $128,600. A recent Metrostudy report found the Houston real estate market also experienced improvements during the second quarter, as the region's median home value grew to $214,356.Courtesy of 2M Realty News

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