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Daily Real Estate News | April 3, 2008
Depreciation Hits High-Priced Homes
Zillow Finds Higher-Priced Homes Losing More Value Than Lower-Priced Ones
A new report from Zillow.com breaks down the housing markets in 125 Metropolitan Statistical Areas (MSAs) into five equal-size value bands – Bottom, Lower Middle, Middle, Upper Middle and Top –to examine how the challenging market has affected prices in each price category.
Nationally, higher valued homes, representing the top 20 percent of the market, have seen values decline more significantly than lower valued homes. Homes in the top quintile declined 7.5 percent from 2006 while bottom quintile homes depreciated least, down 0.7 percent.
In some markets, homes in the lowest value band even performed significantly better than those in the middle. Those areas included, Chicago, Detroit, Seattle, Baltimore, Portland, Ore., and Nashville, Tenn.
But this trend didn’t hold true in all markets. Higher-priced homes in Boston, San Francisco, Washington, D.C., New York City and Los Angeles held their value better than lower-priced homes in the area.
Source: Zillow.com (04/01/2008)
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