According to one of the latest reports from RIS Media and Zillow.com (argh), for the first time since the middle of 2006, home values on a national level remained relatively flat on a month-over-month basis. Values were seen to decline minimally from July 2009 to August 2009. This annual change in home values for the U.S. was -7.6% in August and the Zillow Home Value Index dropped to $191,200, its lowest level since April 2004.
Sixteen of the top 24 markets have had three or more consecutive months of month-over-month gains in home values. Three of the 24 markets have had six months of consecutive monthly gains: The Atlanta Market has had five consecutive monthly gains and overall our values have not decreased as much as other large metro areas.
My opinion is that with the current market conditions in the Atlanta region as well as our lack of overall decline, we should not see as large a continued decline in the Atlanta area. Pricing should start to stabilize by Q1 2010 and the Q2 sales and pricing will see a good increase over the past 3+ years.
The belief is that we will see on a National level that September might actually turn in a positive month-over-month change in home values but the detractors fear values are expected to start dropping again, and are expected to keep dropping until sometime in the spring of this coming year.
Once this were to happen most if not all believe that we will have reached a true bottom in home values nationally in Q2, 2010.
Here is a table from the RIS Media site and Zillow that I found interesting.
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