ORLANDO, Fla., October 7, 2008 — Today eppraisal.com (http://www.eppraisal.com) released their National Market Analysis Report for the three months ending August 2008. Of the 188 market areas tracked across the U.S., 43.6 percent show a decline in median home values, which is up from 32.4 percent from the previous three months. This ends the upward trend from the last three reports where the number of markets showing an increase in median home values was on the rise.

Most markets in the report are showing signs of leveling out or increasing values, with California being an exception. California again tops the bottom of the list with 27 of the 28 markets tracked by eppraisal.com showing declining median home values. Chico, CA is the only market that is showing signs of rebounding (see figure below). For this report Chico, CA, saw an increase of 1.70 percent to a median sales price of $245,000.

Median sales price chart for Chico, CA

Six California markets saw double digit declines: Madera down 10 percent, Bakersfield down 10.7 percent, Riverside-San Bernardino down 11.1 percent, Modesto down 11.3 percent, Salinas down 14.3 percent, and Merced down 11.5 percent.

Markets in North Carolina, South Carolina, Ohio, and Oregon continue to gain in value and continue to show signs of a changing market. For example, the Raleigh-Cary, NC, Florence, SC, and the Dayton, OH, markets all saw median home value increases of over five percent. Raleigh-Cary, NC, increased by 8.1 percent to $200,000, Florence, SC, increased by 8.7 percent to $106,000, and Dayton, OH, increased by 10.6 percent to $110,000.

Texas continues to hold on to the postitive trend while Florida starts to dip back into negative waters. In the last report 11 of the 20 areas tracked in Florida by eppraisal.com showed positive increases in median values. This month the number of Florida markets showing increases in home values is down to six: Fort Walton Beach-Destin up 9.7 percent to $203,000, Palm Coast up 8 percent to $175,000, Panama City up 6.7 percent to $176,000, Palm Bay-Melbourne up 5.7 percent to $156,000, West Palm-Boca Raton up 5.6 percent to $285,000 and Jacksonville up 1.7 percent to $183,900. Texas shows the opposite with seven of the 11 areas tracked by eppraisal.com showing increases in median values. At the top of the list sits McAllen-Edinburg with an increase of 7 percent to $115,875, Waco with an increase of 6 percent to 119,621, and Midland with an increase of 4 percent to $172,500.

See a complete list of rankings.

According to eppraisal.com the most expensive zip codes in the country are:

real estate home values and trends – eppraisal.com

Ever wonder what type of people live in these areas? I guess you would know if you were one of them, but in the slim chance that you’re not, let me share some interesting data featured on eppraisal.com to give you a little more insight. Every neighborhood has a personality or a group of prominent lifestyles. Using segmentation research from Claritas Inc., eppraisal.com grouped the neighborhoods within these top zip codes into the following lifestyles:

 Upper Crust

The nation’s most exclusive address, Upper Crust is the wealthiest lifestyle in America—a haven for empty-nesting couples over 55 years old. No segment has a higher concentration of residents earning over $200,000 a year or possessing a postgraduate degree. And none has a more opulent standard of living.

 Second City Elite

There’s money to be found in the nation’s smaller cities, and you’re most likely to find it in Second City Elite. The residents of these satellite cities tend to be prosperous executives who decorate their $200,000 homes with multiple computers, large-screen TV sets and an impressive collection of wines. With more than half holding college degrees, Second City Elite residents enjoy cultural activities—from reading books to attending theater and dance productions

 Middleburg Managers

Middleburg Managers arose when empty-nesters settled in satellite communities which offered a lower cost of living and more relaxed pace. Today, segment residents tend to be middle-class and over 55 years old, with solid managerial jobs and comfortable retirements. In their older homes, they enjoy reading, playing musical instruments, indoor gardening and refinishing furniture.

 New Empty Nests

With their grown-up children recently out of the house, New Empty Nests is composed of upscale older Americans who pursue active—and activist—lifestyles. Nearly three-quarters of residents are over 65 years old, but they show no interest in a rest-home retirement. This is the top-ranked segment for all-inclusive travel packages; the favorite destination is Italy

Movers & Shakers

Movers & Shakers is home to America’s up-and-coming business class: a wealthy suburban world of dual-income couples who are highly educated, typically between the ages of 35 and 54, often with children. Given its high percentage of executives and white-collar professionals, there’s a decided business bent to this segment: Movers & Shakers rank number-one for owning a small business and having a home office.

Do you see yourself in one of these social groups?

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With large inventories of homes for sale, buyers seemingly have the upper hand. Though there has been some good news lately in many markets throughout the country, such as a rise in existing homes sales, it has been balanced by record declines in median sales values. This mixed news can make it tough for homeowners when they have to make a choice between selling a home and renting it out. There are quite a few questions you can ask yourself when making this choice.

The most basic question is: Will my income exceed my expenses?

This question can be much more complicated than it first appears, due to the following questions it raises in turn:

• Do you have time and are you able and willing to manage a rental property, or should you hire a rental management company?
• Are you aware of the tax implications that renting your home can have for you?
• Can you ensure your rental property will have 100% occupancy?
• What are expected repair and maintenance costs? Most experts believe you should set aside anywhere from 20 to 30 percent of the rent in reserve for such items.

If you have done the research and uncovered all the pitfalls, there are many advantages to being a landlord. You could potentially make a profit on your rental home while building equity at the expense of the renter. Waiting for prices to start to swing upwards in this market may be the single best source of equity gain you can have over the next several years.

Whatever you decide, make sure you take full advantage of resources and get feedback from multiple rental management companies and real estate agents. They will know best about either side (rental and sales) of the real estate market and help you make an informed and advantageous decision. As always — take full advantage of the internet and sites like eppraisal.com to help track local market conditions.

Good news is rare in today’s real estate market, but for the third consecutive month, key figures from eppraisal.com show the number of markets experiencing an increase in single-family home median sales values is on the rise.

Of the 188 market areas tracked nationwide, 121 report an increase in home values during the three months ending in July 1, while just 61 markets — or 32.4 percent — recorded a decline.

This is the third Eppraisal Market Report to show more value increases than decreases since August 2007.

The Midwest continues to be the heart of recovery, with Ohio, Michigan, Pennsylvania, and Illinois commanding the majority of the double-digit value increases. Flint, Mich., shows the biggest improvement with a 41.2 percent increase to $60,000, while Lima, Ohio, continues its strong resurgence with another 38.5 percent increase to $90,000 from $86,500. And Niles-Benton Harbor, Mich., (23.2 percent) and Battle Creek, Mich., (22.8 percent) maintain their impressive recoveries; both markets’ values increased more than 20 percent in the last two Eppraisal Market Reports, as well.

Danville, Ill., (23.4 percent) and Erie, Pa., (16.7 percent) were the top performing markets in their respective states.

Seemingly immune to even the slightest recovery, California has only three markets where values have improved, and the increases are slight: Chico (3.2 percent), Hanford-Corcoran (2.4 percent), and San Francisco-San Mateo (.7 percent). More than 89 percent of the Golden State’s markets show a drop, including the still-plunging Modesto (-11 percent) and Merced (-15.8 percent).

The report, which is based on completed sales of single-family residences, shows median home values in the three months ending July along with the percent change from the three months ending in April.

How does your area rank?
See the complete Eppraisal National Market Analysis report.

All of the property information on eppraisal.com comes from public records.  As such, that information is not always accurate or up-to-date.  That’s why eppraisal.com launched a new feature that allows homeowners to update the information displayed about their property.

When a homeowner edits details such as the number of bedrooms or bathrooms, that information is displayed along with the information in the public records.  To update public records, homeowners must contact their local assessor or recorder office to correct this information. Once the local assessor approves the changes, eppraisal.com will automatically reflect the change. If you want to display the updated information before approval from the assessor, you can do so using our “user edit” function.

Search for your home value on eppraisal.com to review your home details.