Zillow has released its quarterly reports on house value trends in the US in Q4 2006.
More details about the reports can be found in this blog post in which Zillow's Director of Analytics explains that "For these 2006 fourth quarter results, we’re taking a slightly different approach than in the past when we released detailed reports and analysis for five specific markets and an overall national summary. Instead, this quarter, we’re releasing all the underlying data on which we based the earlier reports and we’re providing this data for a total of 75 different metropolitan regions around the country."
I'd love to hear your opinion on the trends we measured in your neck of the woods -- below this you'll see links to the raw data (in excel) for the 75 regions we analyzed.
The big news in the aggregate data is that in Q4, we saw negative (Y-O-Y) appreciation for the first time in the US data set.
Looking at performance in the Top 25 Metro areas however drives home again the local nature of our business -- multiple regions are still measuring double-digit appreciation in Q4. This graphic isn't very clear (better version here - any tips on posting photo's?) -- but it illustrates very well the variance in appreciation in the top 25 Metro areas.
Some more interesting factoids from this data:
Five highest-appreciating metropolitan areas (year-over-year appreciation):
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 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):
Sorry that Detroit didn't make the cut. We excluded about 25 metro's where we have insufficient raw data to draw conclusions about housing trends. Collecting raw data is MI is still a challenge for us -- only 32% of MI homes are on Zillow today but we are working on it.
Thanks for the data. When do you expect to have more complete information on New Jersey in Zillow? Currently many towns have only assessed values listed.
Thanks for posting this David. I've got to make the time to look at it thoroughly. So far my experience with Zillow has been that the home values come in way lower than true market value in my area.
It's interesting to see how much the prices have risen over the past ten years in North Port. I know it's not precisely accurate but it's interesting to look at!
Very interesting. I am hearing from some large lenders that they are seeing "declining" markets - I wonder how these figures correspond to the lenders' opinions. Very interesting.
Good to meet you this weekend David (tried to find a good place to put the comment so this will have to do)O and chatting about the online real estate market. The AR bbq allowed me to rub shoulders with the big wigs :) take care and enjoy the week!
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