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South Florida

U.S. home values down 7.7 percent in Q1

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Home values in the U.S. 7.7 percent in the first quarter, compared to the same quarter last year, according to an index based on Zillow.com’s automated home valuations. It was the steepest year-over-year drop in the past 12 years, the report said. Florida is home to three of the 10 largest U.S. metro areas with the highest year-over-year drop in Zindex value in the first quarter. The report, which was expanded in the first quarter to cover 160 U.S. metropolitan areas, found that the median U.S. Zindex value for those markets was $213,000 — the lowest since second-quarter 2005.