House Values Drop
House values are declining in most parts of the U.S., except for the northwest region. At least those are the recent findings provided by Zillow.com. Nationally, home values are down 1% quarter-over-quarter and have dropped by just under a percentage point (-0.83%) from first quarter 2006.
In Las Vegas,the average home value for the first quarter of 2007 was $282,433 which was down 2.12% from a year ago when it was $288,564.
As mentioned, the northwest continues to do well. In fact four of the top-five highest-appreciating metropolitan areas are located in Washington State and Oregon. On the other end of the spectrum, the two areas with the most depreciation are on the Gulf Coast of Florida which are both experiencing double digit depreciation. From the Zillow report:
Five highest-appreciating metropolitan areas (year-over-year):
- Corvallis, Ore. (17.26%)
- Grand Junction, Colo. (16.57%)
- Seattle-Tacoma-Bremerton, Wash. (12.03%)
- Bellingham, Wash. (11.68%)
- Portland-Salem, Ore. (10.72%)
Five most depreciating metropolitan areas (year-over-year):
- Sarasota-Bradenton, Fla. (-15%)
- Punta Gorda, Fla. (-12.43%)
- Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%)
- Pittsfield, Mass. (-8.62%)
- Reno, Nev. (-8.5%)
Five most expensive metropolitan areas (measured by Zindex):
- San Francisco-Oakland-San Jose, Calif. ($680,868)
- Honolulu, Hawaii ($626,110)
- Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702)
- Los Angeles-Riverside-Orange County, Calif. ($541,572)
- San Diego, Calif. ($513,695)
Five least expensive metropolitan areas (measured by Zindex):
- Peoria-Pekin, Ill. ($90,116)
- Tulsa, Okla. ($95,382)
- Rockford, Ill. ($108,811)
- Columbia, S.C. ($111,763)
- Champaign-Urbana, Ill. ($123,448)
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