Tuesday, August 11, 2009

Zillow: Home Sales Continue To Drop

Seattle-based real estate site Zillow has released its Q2 real estate market report, saying that home sales are still dropping, with a 23.7 percent drop in sales in June versus a year earlier. The firm said that its numbers show that U.S. home values fell 12.1 percent year-over-year, the tenth consecutive quarter of declines. According to Zillow, foreclosure resales are still a significant part of the market, with 22 percent of all home sales in June. Even though sales were down the for quarter year-to-year, Zillow said they were actually up 3.8 percent compared to May, with home sales increasing in a number of markets, including Miami-Fort Lauderdale, Los Angeles and Phoenix.