Tampa Bay home values dropped slightly in January.

The 1.6 percent dip brings the average single-family home value in the bay area to $116,100, according to a report released Tuesday by housing tracker Zillow.com. When homes and condos are combined, the average is $108,700.

Nationally, home values declined 1.2 percent in January, the biggest monthly dip since December 2008, Zillow said. Values are down 28.2 percent from their peak in June 2006 and now resemble August 2003 levels.

Zillow bases its figures on the median value of all homes in a metro area and does not include foreclosures or sales figures because it would drive the numbers down.