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Monthly single-family home price declines in Jacksonville that had clocked rates between 1 percent and 2 percent from August 2008 to January 2009  went flat this summer and values are now back on the rise, according to newly-released data from real estate aggregator Zillow.com.

The Zillow Home Value Index is a median figure of home values that are a mixture of real estate information, including sales data, to determine the market value of homes — whether they have been sold recently or not. And using that data, Jacksonville’s median price in August rose to $153,600, a .26 percent increase over July’s $153,200. July’s median was itself a .13 percent increase over June’s $153,000 median.

What’s notable about that is that over the 10 months prior, the median values had dropped through May, when they went flat for a month. And now, there have been month over month increases, albeit small ones.

Local Realtors report they’ve seen similar trends over the summer.

Also helpful for home values is an apparent leveling-off of foreclosures and short sales Jeanell Wilson, Realtor with All South Realty at 3090 S. 3rd St. in Jacksonville Beach said.

“The rush seems to be over,” she said. “There are still some, but not as much as there were.”

Wilson said the flattening-off is a good sign of the economy to come.

“The market activity is going to continue to increase,” she said. “Who knows if it’s bottomed out?”

And when prices rise, she said, people waiting on the sidelines to buy will realize that trends have reversed and will want to buy before prices increase further. And that, she said, should spur sales overall.

But Angela Robinson, Realtor for Watson Realty Fleming Island, said the summertime trends could be an anomaly because the Federal government’s $8,000 first-time homebuyer’s credit has been in effect through that time.

“People are trying to get the $8,000 tax credit,” she said. “I think there are just as many foreclosures and tax sales.”

She said recent activity has come from people who are seeking the credit, but have put off the decision, perhaps waiting for prices to drop further.

And the credit could go on past its Nov. 30 expiration. The U.S. House approved an extension of the credit for members of the U.S. armed forces and Realtors hope the Federal government will extend the existing credit — perhaps even expanding it to all home buyers, she said.

Zillow Chief Economist Stan Humphries said the Jacksonville data is a hopeful sign.

“Home values in the Jacksonville metro area have shown strong signs of stabilization during the course of the 2009 home buying season,” Humphries said. “From their highest levels of annualized depreciation, more than 15 percent reached in February of this year, annual depreciation in August is down to just under 10 percent per year, a significant improvement. 

Moreover, the metro area is now reporting quarterly appreciation for the first time since 2006 and has seen three consecutive months of flat or positive monthly gains in home values.  That’s all great news for the metro area overall, but it is important to not to let expectations get too far out ahead of reality given some of the fundamental challenges still present in the market.”

Those challenges include the pending expiration of the first-time buyer tax credit, and local unemployment above the national average, he said.

“So, while what we’re seeing right now in Jacksonville is what a bottom in home values would look like, I believe it is very likely that we’ll see a bit more decline in the market before it’s all over,” he said.

Data and article from Zillow.