Suffolk County’s median home value rose 1.3 percent for the second quarter to $338,800, according to home valuation estimates by the online real estate website zillow.com. Year-over-year, Suffolk home values are down 1.9 percent, the company estimates.
Nationally, home values fell 6.2 percent year-over-year, with 142 of the 154 markets in Zillow’s report showing declines. Recent trends were more positive, with U.S. home values falling .4 percent from the first to the second quarter, the smallest quarterly decline in more than four years. Nearly two-thirds of the markets in Zillow’s report experienced home value appreciation quarter-over-quarter.
Negative equity fell slightly to 26.8 percent of single-family homes with mortgages from 28.4 percent in the first quarter.
Despite positive signs in the short term, Zillow’s chief economist Stan Humphries continues to predict a true bottom in home values in 2012 at the earliest, because of factors like foreclosures, negative equity and fluctuations in demand for homes.
“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,” Humphries says.While 94 of the markets in Zillow’s report showed a quarterly improvement, only 25 markets showed two consecutive quarters of appreciation.