Our housing market is overvalued?
Via Kim M comes a follow up of sorts to this week's post about median home prices in the Capital Region. An analysis for CNN Money figures that the Albany market's home prices are "overvalued" by five percent. (Only 89 of 299 markets surveyed were figured to be overvalued.)
The same methodology was used to conclude that the market here was overvalued by 19 percent in 2006. The sale price in the Capital then was $189,900, according to GCAR. The median sale price at the end of 2009 was $192,500. (It would appear that GCAR and CNN Money are using different definitions for this market. CNN Money has the median price for this area pegged at 198,900.)
By the way: the Capital Region had one of the nation's lowest rates of home foreclosure in 2009.
Earlier on AOA:
+ Lots of houses
+ What's the price of a little extra style?
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Comments
What? The Daily Gazette wants me to pay for online access? FAIL. I wonder if the pay wall is working better for them than it has for Newsday. http://www.observer.com/2010/media/after-three-months-only-35-subscriptions-newsdays-web-site
... said Kim M. on Jan 28, 2010 at 6:37 PM | link
GCAR's numbers aren't really Capital Region specific because they include a vast 11-county area that takes in some very rural parts of the region, places where housing prices are very low.
@Kim... That Newsday number is misleading, because anyone on Long Island with a cable TV or print Newsday subscription automatically gets access to the Web site.
... said CMC on Jan 29, 2010 at 12:36 PM | link
@Kim M: Back in September, paidcontent reported that the Gazette had gotten 670 people to sign up (the pay wall went up in August).
By the way: here's an alternative take on the Newsday pay wall.
... said Greg on Jan 29, 2010 at 4:36 PM | link