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Home Value Depreciation Stays Constant in July 2010

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RISMEDIA, September 13, 2010—Home value depreciation stayed constant in July 2010 with home values registering a 0.2% decline between June and July and a 3.2% decline over the past year, according to Zillow’s July Real Estate Market Reports. The rate of home value depreciation was -0.4% in December of 2009 and had improved in each of the subsequent six months before going sideways in July. Considering home sales fell 27% between June and July, sideways really doesn’t seem that bad. (See chart of Zillow Home Value Index month-over-month vs. year-over-year change here).

Foreclosure re-sales as a percentage of all sales in July notched up slightly to 18% (up one percentage point from June). Foreclosures in the month as a percentage of all homes remained at its record high rate of 0.11%.

Out of 125 metropolitan markets, 85 saw negative year-over-year change in home values in July (68%), 13 saw flat annual change (13%), and 24 saw positive annual change (19%). The markets seeing the strongest annualized change in home values were San Diego, Oklahoma City, San Jose, San Francisco, Little Rock and Los Angeles. The markets seeing the largest declines in home values on a year-over-year basis included Bend, Miami-Fort Lauderdale, Ocala, Lakeland, Grand Junction, Detroit and Orlando.

Visit the Zillow Blog to find interactive data for most of the large markets. As usual, all data can be downloaded from our Real Estate Market Report page.

For more information, visit www.zillow.com.

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