Real Estate Market Reports

Zillow recently released its third quarter Real Estate Market Reports for the nation and 156 metropolitan areas. At the foundation of Real Estate Market Reports is the Zillow Home Value Index. The ZHVI provides the median value of all homes in a given geography. The full national report, in its new, interactive format, is available at www.zillow.com/local-info or by emailing press@zillow.com. Additionally, in most areas data is available at the state, metro, county, city, ZIP and neighborhood level.

Topline National Results:

• Negative Equity Falls in Q3: 21 percent of all owners of single-family homes with mortgages were underwater at the end of Q3, compared to 23 percent at the end of Q2.
• Home Values Stabilize in Short Term: Home values fell 6.9 percent year-over-year to a Zillow Home Value Index of $190,400. This is the 11th consecutive quarter of declines since the market peaked in Q2 of 2006. However, national home values remained relatively flat from the second to the third quarter. The Zillow Home Value Index measures the value of all homes, not just those that sold in a particular period.
• Most Markets No Longer Seeing Accelerating Declines in Home Values: While 116 metropolitan areas experienced Q3 year-over-year declines in home values, only nine metropolitan areas saw accelerating year-over-year home value declines.  Home values increased in 24 of 156 MSAs Zillow tracked, and remained flat in an additional 16.
• Foreclosure Re-sales Still High: More than one-fifth (21.4 percent) of all sales in September were foreclosure re-sales (REO sales) compared to 14.7 percent one year ago. Merced, Calif. had the highest rate in the country (74.2 percent), followed by Stockton, Madera, El Centro and Las Vegas.

Additional resources available for media:

• Third Quarter Real Estate Market Reports press release
• FAQ's on key metrics included in Zillow Real Estate Market Reports
• Explanation of Data Source: Analysis of Zillow's home value data compared to OFHEO and Case-Shiller Indexes and NAR/Median Sale Price reports
• For additional questions or to request an interview, contact Zillow PR at press@zillow.com or 206-757-2701. Custom data and graphics are also available upon request.