Monday, August 13, 2007

Zillow.com Big Homes Suffer Bigger Value Drops

The bigger they are, the farther they fall. At least, that's the gist of the latest quarterly home value report issued by Zillow.com, the online real estate web site. According to Zillow's report, which was released Monday, housing prices have slipped some 2.8 percent year-over-year. However, large- to medium-sized homes experienced the steepest drop. Large single-family residences—defined as having more than 1,900 square feet—fell 3.1 percent, while medium-sized homes—defined as having between 1,200-1,900 square feet—dipped 2.8 percent. By comparison, homes with less than 1,200 square feet of floor space declined by just 1 percent. The national average for a single-family dwelling, the report said, is 1,500 square feet. Zillow.com is headquartered in Seattle.