St Louis home prices have not hit bottom yet, according to a report just released this morning by Zillow, which shows that St. Louis home prices fell by 4.0 percent in the second quarter of 2012 from the year before. St Louis home prices are predicted by Zillow to fall another 2.6 percent in the coming year. This is in pretty sharp contrast to the report on U.S. home prices which shows that they were up in the 2nd quarter of 2012 from the year before and are expected to rise 1.1 percent in the coming year.According to the report, U.S. home prices have reached a bottom. The report shows that median home prices, according to the Zillow Home Value Index®, in the U.S. rose 0.2 percent in the 2nd quarter of 2012 from the second quarter of 2011 which marks the first annual increase in home values in this index since 2007. This also makes the fourth consecutive month of increased home prices in the index and, according to the report, prices are forecast to increase in the next 12 months in 67 of the 156 markets followed by the Zillow.
During the second quarter of 2012, nearly one-third of the markets (53 of the 167) covered by the report, saw an increase in home prices on a year over year basis with the largest increase coming in Phoenix, where home values are up 12.1 percent from the second quarter of 2011 to the second quarter of 2012. Zillow’s forecast calls for Phoenix home prices to continue to rise in the coming year by 9.9 percent, which tops the list of their forecasted increases, with Miami coming in second with a forecast of home prices increasing 6.1 percent in the next year.
| Metropolitan Areas | Zillow Home Value Index | Zillow Home Value Forecast | |||
| Q2 2012 | Quarter-Over-Quarter Change | Year-Over-Year Change | Projected Bottom inHome Values | Change in ZHVI, Q2 2012-Q2 2013 | |
| United States | $149,300 | 2.1% | 0.2% | Q1 2012 | 1.1% |
| New York | $336,900 | 0.8% | -2.7% | Q1 2012 | -0.7% |
| Los Angeles | $383,200 | 0.2% | -2.7% | Q2 2012 | 0.5% |
| Chicago | $158,600 | 1.7% | -5.8% | Q1 2012 | -0.5% |
| Dallas-Ft. Worth, Texas | $123,900 | 1.4% | 1.4% | Q4 2011 | 2.4% |
| Philadelphia | $184,000 | -0.6% | -3.5% | Q4 2012 | -0.7% |
| Washington DC | $305,900 | 1.3% | 1.1% | Q4 2011 | 2.0% |
| Miami-Fort Lauderdale, Fla. | $148,300 | 4.7% | 6.4% | Q3 2011 | 6.1% |
| Atlanta | $107,900 | 0.0% | -4.9% | -- | -1.6% |
| Boston | $307,600 | 1.0% | -1.2% | Q4 2011 | -0.7% |
| San Francisco | $465,600 | 1.9% | -0.4% | Q1 2012 | 1.9% |
| Detroit | $74,000 | 1.2% | 2.1% | Q3 2011 | -1.3% |
| Riverside, Calif. | $182,400 | 2.1% | 0.1% | Q4 2011 | 5.6% |
| Phoenix | $136,200 | 6.0% | 12.1% | Q3 2011 | 9.9% |
| Seattle | $255,400 | 2.3% | -0.3% | Q1 2012 | 0.5% |
| Minneapolis-St. Paul, Minn. | $164,800 | 0.9% | -2.0% | Q1 2012 | 0.3% |
| San Diego | $342,500 | 1.7% | -0.1% | Q1 2012 | 1.6% |
| Tampa, Fla. | $107,500 | 2.3% | 1.7% | Q4 2011 | 2.3% |
| St. Louis | $121,600 | -1.1% | -4.0% | -- | -2.6% |
| Baltimore | $213,000 | 0.3% | -2.3% | -- | -2.2% |
| Denver | $211,300 | 2.3% | 3.5% | Q4 2011 | 1.6% |
| Pittsburgh | $108,700 | 0.7% | 3.3% | Q2 2009 | 1.9% |
| Portland, Ore. | $212,800 | 2.7% | 1.6% | Q1 2012 | 4.3% |
| Sacramento, Calif. | $202,900 | 1.0% | -2.1% | Q1 2012 | 2.5% |
| Orlando, Fla. | $118,200 | 3.4% | 1.3% | Q4 2011 | 2.8% |
| Cincinnati, Oh | $122,300 | 2.2% | -0.2% | Q1 2012 | 0.9% |
| Cleveland | $108,400 | 0.6% | -2.3% | Q1 2012 | -0.5% |
| Las Vegas | $114,800 | 2.5% | -2.0% | Q1 2012 | 1.4% |
| San Jose | $566,400 | 3.7% | 3.4% | Q2 2009 | 3.4% |
| Columbus | $122,500 | -0.2% | -2.0% | -- | -1.5% |
| Charlotte | $131,700 | -0.5% | -0.9% | -- | -1.2% |
SOURCE Zillow, Inc.
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