Press Releases

Zillow.com™ Releases Fourth Quarter Home Values; U.S. Shows Signs of Decline

Detailed home value reports for U.S. and 75 metropolitan areas launching today

Feb 8, 2007

SEATTLE, Feb. 8 /PRNewswire/ -- U.S. homeowners are seeing a slight decline in home values on a year-over-year basis for the first time in years, according to home value data from Zillow.com. The appreciation rate is measured by the Zindex™ home value indicator, which measures the value of all homes in an area (not just those that sold). Despite a surge in values in many regions over the past several years, home values are down by -0.48 percent year-over-year, and -4.77 percent quarter-over-quarter.

"The fourth quarter year-over-year decline in home values is significant in that it's the first such decline that we've seen in our data, which stretches as far back as 1997," said Stan Humphries, Zillow's vice president of data and analytics. "Sure, we've seen some quarter-over-quarter declines, but not a decline on an annual basis until this quarter. That said, performance continues to vary substantially by market with some areas like Seattle and Portland doing great, and other areas not doing as well."

In addition to data on home values nationally, Zillow today released detailed data on home value changes in 75 metropolitan areas. National and local market data can be found at http://www.zillow.com/quarterlies/QuarterlyReports.htm, or by clicking "Quarterly Reports" on the Zillow.com home page.

Some interesting findings from the national report include:

Five highest-appreciating metropolitan areas (year-over-year):
-Lakeland-Winter Haven, FL (25.88%)
-Yuma, AZ (25.66%)
-Myrtle Beach, SC (21.24%)
-Flagstaff, AZ (19.02%)
-Ocala, FL (17.56%)

Five most depreciating metropolitan areas (year-over-year):
-Panama City, FL (-11.84%)
-San Luis Obispo-Atascadero-Paso Robles, CA (-11.35%)
-Punta Gorda, FL (-9.23%)
-Sarasota-Bradenton, FL (-8.99%)
-Greenville-Spartanburg-Anderson, SC (-8.73%)

Five most expensive metropolitan areas (measured by Zindex):
-San Francisco-Oakland-San Jose, CA ($684,459)
-Salinas, CA ($654,503)
-Santa Barbara-Santa Maria-Lompoc, CA ($627,323)
-Honolulu, HI ($626,452)
-Los Angeles-Riverside-Orange County, CA ($545,409)

Five least expensive metropolitan areas (measured by Zindex):
-Davenport-Moline-Rock Island, IA-IL ($86,201)
-Peoria-Pekin, IL ($91,984)
-Greenville-Spartanburg-Anderson, SC ($96,508)
-Tulsa, OK ($97,186)
-Dayton-Springfield, OH ($103,729)

The Zindex home value indicator is the median Zestimate™ valuation for a given geographic area on a given day. Exactly half the Zestimates for a region are below this number and half the Zestimates are above it. It is expressed in dollars and is for a particular geographic region.

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About Zillow.com

Zillow.com launched in early 2006 with a mission of providing cutting-edge tools and information to help consumers make smarter real estate decisions. Zillow has created a Web page for almost every home in the country, with free and instant valuations called "Zestimates," free postings of homes for sale by agents or homeowners, and "Make Me Move" prices added by homeowners. One of the most-visited real estate Web sites, Zillow was the only online company named by Advertising Age Magazine to its 2006 "Marketing 50" list of the most powerful consumer brands. The company is headquartered in Seattle.

NOTE: Zillow.com, Zillow, Zestimate and Zindex are trademarks of Zillow, Inc.

SOURCE: Zillow, Inc.

CONTACT: Amanda Hoffman of Zillow.com, +1-206-470-7167, or
press@zillow.com

Web site: http://www.zillow.com/


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