Today’s home prices are a far cry from what they were just a few short years ago. A foreclosure saturated market and increase in short sales has brought the average home price down in many markets. However, some previously distressed markets are beginning to report an increase in home values.
A recent report from CoreLogic suggests that home prices in several key areas have risen in recent months. Home prices jumped in June for the first time in nearly a year, even for distressed areas. Home prices in Austin, Texas rose by 6.9%, compared to the same month last year. Even distressed properties, including foreclosures and short sales, saw a sale price significantly higher than in months past. Phoenix reported the biggest increase in home sales price, nearly 17%.
Several other states followed suit, also reporting an increase in property values. Idaho, South Dakota, Utah and Wyoming all weighed in their newly bumped home prices. While it is too early to tell for sure, optimism is floating around the water cooler. The chief executive of CoreLogic said in a statement, “At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner.”