U.S. home values flat in November
Home values in the
United States were essentially unchanged in November, decreasing a marginal 0.1
percent from October, according to this month's Zillow Real Estate Market
Reports. Annually, the Zillow Home Value Index fell 4.6 percent from November
2010 to $147,800 and has returned to late 2003 levels.
Regionally, home values
appreciated or remained flat from October to November in 60 percent of the 165
housing markets covered by Zillow, compared with 24 percent the year prior.
Major metropolitan statistical areas (MSAs) that experienced flat or increasing
home values include Los Angeles, Washington, Miami-Ft. Lauderdale, Fla., San
Francisco, and Detroit. On an annual basis, the median home value is down for
nearly all (90 percent) of the 165 MSAs covered by Zillow, although the rate of
annualized depreciation has slowed significantly in the majority of the
markets.
"Even with the
anticipated increase in foreclosures, look for 2012 to be a transitional year
in which home values fall modestly followed by a prolonged period of flat home
values,” said Zillow Chief Economist Dr. Stan Humphries. “We're still three to
five years away from 'normal' housing market conditions."
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