Zillow Home Value Data Now Available for Feb.
Zillow.com released housing price data today with home values through February, see the graph above of Zillow's monthly U.S. Home Value Index back to January 1996 (you can also get price data and graphs for more than 100 metro areas, and all states). According to Zillow, its Home Value Index is calculated as the median value (Zestimate) of all homes in a particular geographic area, and for the national index shown above, the housing price data are weighted according to population in each area.
The median Zillow price in February 2011 of $170,000 was the lowest since June 2003, more than 7 and a-half-years ago, and is 29% below the $240,000 peak Zillow median home price in May 2006. For an estimate (or "Zestimate") of your home's value, go here and type in your address. Warning: You might be depressed, I know I was, but maybe that's because my home is in Michigan.
12 Comments:
My house is now roughly worth what I paid for it in 1987. It was a slow ride up to over 2 1/2 times what I paid for it, but a quick crash down.
My local tax assessor does not agree with my estimated property value or my appraisal from a state licensed appraiser (I went to graduate school with the city assessor :-). I look forward to seeing if I win my property tax appeal May 2.
BTW: My Zillow estimate was within 5% of my professional appraisal and personal comparable search of five properties like mine sold in the last six months.
Residential properties have held up in many parts of Los Angeles.
A dinky house near my factory (convertable to housing) is worth $391k on Zillow.
Houses in Texas and Arizona sell for dog-droppings. I wonder why that would be. Are they unpleasant poop-hole 3rd-world style "states"?
I just hope the Fed pours it on, and the dollar gets even cheaper. I think Los Angeles gets a lot of foreign capital, and they will find L.A. more appealing the lower the dollar does.
Man, this is a great city, with wonderful weather, beaches, mountains, deserts, the best restaurants in the world, and lots of people in fancy cars.
"Houses in Texas and Arizona sell for dog-droppings. I wonder why that would be. Are they unpleasant poop-hole 3rd-world style "states"?"
Your beloved California is circling the drain, Benji. Don't look for a penny in bailout money.
This is good news: housing should drop much lower and will become much more affordable for those who aren't already bought in. The problem is that housing became an "investment" during the last decade, rather than a place to stay that you could put some money into. The reason that happened is because foreign investors had a bunch of money and didn't know where to put it, Wall Street sold them a story about how house prices don't fall, and all the house-flippers and mortgagers cashed in as prices went up. Well, such bubbles don't last and it all came crashing down, that's where it should stay. I'll note that as telecommuting takes off in the next decade, the prices in larger, overpriced markets like NY, LA, SF are about to fall through the floor.
Paul-
As you know, CA has been subsidizing dufus rural states for generations.
It would behoove CA to split off from the union, and I hope we do.
Sprewell-
You are exactly wrong. Popele like living in SF, LA and NYC, which is why prices are high there.
There are places in the country devoid of culture, and blessed with hot and humid summers, and freezing clammy winters, and lots of mosquitoes. And huge cockroaches, delicately called "waterbugs." Black crickets too, even in the "best" homes.
Texas comes to mind, and I don't think housing will ever sell for more than the cost of contruction there. It is selling fro below replacement costs now.
Why wouuld that be?
Benji,
I agree, would be fantastic if California splits off. Would be like amputating a limb filled with gangrene.
Gee, Walt, I'm sorry to hear that.
But I hope you are right about the accuracy of Zillow. Zillow thinks my investment home is worth 6.8 times what it cost me to build in 1989. Granted, I put another 1/3 in improvements since then.
Most of that increase is the result of wasteful government activities, I'm afraid. I got bracketed by two large BRAC realignments, that increased the jobs in both directions from my house.
I know a guy that moved to Texas from Portland, and he is ecstatic over his housing choices in Texas, by comparison to Portland.
Amazing X 2.4 to peak price in 2006. Is graph controlled for inflation?
I really don't trust those charts, it's hard to believe anything form zillow as far as I am concerned.
"I really don't trust those charts, it's hard to believe anything form zillow as far as I am concerned."
Why is that?
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