Research shows housing market rebounding

Published On: Jul 24 2012 03:55:39 PM EDT   Updated On: Jul 24 2012 11:13:38 PM EDT
House for sale
JACKSONVILLE, Fla. -

The housing market may be on the rebound.

Nationwide, home values have risen 0.2 percent since last year, according to the real estate listing site Zillow. That marks the first annual increase in U.S. home value sales since 2007.

Daniel Hunter is putting his home up for sale, hopeful the housing market is turning the corner.

"We're kind of basically in a 'put it out there and see what we can get' kind of mode," Hunter said.

With only a handful of interested buyers, he said it's slow-going. Hunter said he hopes industry research is right in claiming northeast Florida is showing signs of improvement.

"I'm thinking that the market is at a point where it is probably going to start coming up and we can get what we feel like is a good value for our home," Hunter said.

In Duval County, the houses that are selling the most are in the $140,000 range, but it's the more expensive houses in the $1 million range that are the fastest-growing price range. Some Realtors say price point is everything.

"If they don't price it correctly, it will sit there on the market forever," Realtor David Elian said. "So whether the market is going way up or going way down, pricing is critical."

Elian believes the market is moving closer to neutral, meaning it's a decent time to sell or buy.

As for the nationwide value increase, "that means that we hit the bottom and now we're coming back up out of it," Elian said. "Nothing drastic, but we're just climbing back out or pacing out of that bottom area there."

It's a housing rebound that's expected to take time to fully recover.