respectively. Small homes declined just one percent in the same period. In this analysis, large single-family homes are defined as those with more than 1,900 square feet, midsized homes are 1,200-1,900 square feet, and a small home is defined as less than 1,200 square feet.
Similarly, condo values dropped 5.2 percent year-over-year, with a Zindex home value indicator of $238,721. Condo owners in parts of Florida and California's Central Valley experienced the sharpest drops – between 10 and 14 percent compared to Q2 2006.
"The U.S. real estate market still appears quite anemic, at best, with many markets still doing poorly, especially those in South Florida and Southern California," said Stan Humphries, Zillow's vice president of data and analytics. "The one ray of hope this period is that we've not seen another quarter-over-quarter decline as we've experienced for the past two quarters. The significantly poorer performance of condos and larger single-family homes suggests that prices for these housing sectors are still not in accord with current demand."
The difference in market appreciation isn't limited to home size or type. In addition to comparing performance across home types, the report compares the Zindex home value indicator across 66 different metropolitan regions. According to the report, California (including most major cities in the Central Valley and Southern regions) and Florida (Central, South and Gulf Coast) experienced larger year-over-year declines than most of the country. Most cities in the Pacific Northwest continue to buck the national trend and are still experiencing marked appreciation year-over-year and quarter-over-quarter.
