In the second quarter of 2011, U.S. home values declined nationwide by the smallest margin since 2007, real estate company Zillow recently reported. More encouragingly, residential real estate values rose in 94 of the 154 markets Zillow analyzed.
Among the 25 most populous markets Zillow studied, Pittsburgh posted the highest quarter-over-quarter price increase, of 2.8 percent, and was the only metro area with a year-over-year increase, of 2.7 percent.
Boston and Detroit both saw quarterly gains of 2.1 percent. However, with Detroit’s prices down 53.2 percent from peak levels, the Motor City still has a long road to recovery. Nonetheless, sales in the area’s luxury market increased this spring and summer, The Detroit News recently reported.
With a 1.7 percent gain last quarter, Washington, D.C., has seen two consecutive quarters of price increases, according to Zillow.
Dallas (1.6 percent), Miami (1.1 percent) and Portland, Oregon (1.5 percent), were among other markets with quarterly appreciation.
A Clear Capital second quarter report showed house prices went up in all regions nationwide for the first time since 2006.
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