As the market begins to show some signs of life, home values are appearing to drop - which could be a signifier that purchase activity could soon rise.
According to data collected from Zillow.com, the average value of homes in the U.S. fell 4.7% year over year (Y-o-Y) to $146,900 while
major U.S. cities also experienced descending values.
In Los Angeles, the estimated average value was $383,100, showing a decrease of 6.7% Y-o-Y.
Chicago homes experienced a greater drop in value - almost 11% Y-o-Y - with the estimated average home value sitting at $158,800.
The New York metro area's home value was $336,500, dropping 5.3% Y-o-Y.
As for the states in which the cities are located, all three saw overall drops in average home values, as well.
Estimated Average Home Values and Y-o-Y change, as calculated by Zillow.com:
U.S.: $146,900 (-4.7%)
California: $295,300 (-6.4%)
Illinois: $140,100 (-10.1%)
New York State: $234,700 (-4.8%)
Los Angeles Metro: $383,100 (-6.7%)
Chicago Metro: $158,800 (-10.9%)
New York Metro: $336,500 (-5.3%)
According to the real estate website, average home values were calculated February 1st, 2012 and represent the middle-ground estimate, meaning half of the total values for the area sit above the number and the other half fall below. To check the estimated market value of home in another city or state, visit Zillow.com and click "local info." For information on current mortgage rates in your area, visit American Financial Resources.
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Homes Sales Show Positive Trend in December
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