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RISMEDIA, October 19, 2009—For the first time since the middle of 2006, home values nationally were essentially flat on a month-over-month basis, with values declining just 0.1% from July 2009 to August 2009. The annual change in home values for the U.S. was -7.6% in August and the Zillow Home Value Index dropped to $191,200, its lowest level since April 2004. 

Sixteen of the top 24 markets have had three or more consecutive months of month-over-month gains in home values. Three of the 24 markets have had six months of consecutive monthly gains: Boston, Denver and Pittsburgh. The top metro markets with the largest declines from peak levels are, in descending order: Las Vegas (-54%), Riverside (-52%), Phoenix (-47%), Miami (-44%), and Tampa (-41%). 

As Zillow has noted before, it’s foreclosures that are likely to spoil the party soon. Home sales will begin to drop off now that the bulk of the 2009 home buying season is over, but foreclosures are increasing in most major metro markets.

Nationally, we may see September actually turn in a positive month-over-month change in home values but, thereafter, values are expected to start dropping again, and we expect them to keep dropping until sometime in the spring of this coming year, at which time we will have reached a true bottom in home values nationally. 

For more details on the top metro markets during the month of August, click here

Stan Humphries is the Chief Economist for Zillow.com. 

For more information, visit www.zillow.com

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