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."

For more information:

Carylee Stone

Distinctive Properties

858-344-2632

carylee@stonehometeam.com