Real Estate Examiner - Home prices fall even more quickly in Q1

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Home prices fall even more quickly in Q1

POSTED May 6, 12:08 PM

Zillow (my company) has just released their 1^st Quarter Home Value Report which paints a grim picture of housing trends nationwide. A few of the highlights (or lowlights):

nationwide, home prices declined 8% year-over-year, the 5th quarter in a row of declining prices and the largest decline in the 12 years for which Zillow has data
5 of the top 10 declines were in California
- Los Angeles home values declined 16% (see Los Angeles home values graphics), Sacramento home values declined 21%, San Diego home values declined 17%, and San Jose home values declined 8% (see San Jose home values graphics)
130 of the 160 cities we studied declined; 29 of the 30 largest cities declined (Dallas home values were the holdout)
45% of homeowners who bought their home in 2007 are already underwater on their loan, and 52% of people who bought in 2006 are underwater.

As a reminder, Zillow looks at all house values nationwide, not just those homes that sell in the period. So it’s a more holistic view of what’s happening to housing trends than other measures. Here is more information on why Zillow’s methodology is superior to Case-Schiller and OFHEO, and why it is superior to NAR home price data.

Here are some incredible images of US home prices, and here is more data than you can shake a for sale sign at:

Categories: house prices , home values

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Spencer Rascoff
Spencer Rascoff is CFO and Vice President of Marketing at Zillow.com, one of the leading Real Estate sites. Here he will help you better understand and respond to the ever-changing market.