Our housing market is overvalued?

spanish-style houseVia 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?

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

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.

@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.

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

What's All Over Albany?

All Over Albany is for interested and interesting people in New York's Capital Region. In other words, it's for you. It's kind of like having a smart, savvy friend who can help you find out what's up. Oh, and our friends call us AOA.

Search

Recently on All Over Albany

Weekend Destination: Connecticut

Connecticut is the third smallest state in the country -- but still has plenty of things to see and do during a quick weekend trip.... (more)

A look at the 2019 Tanglewood schedule

Though winter just started, it's not too early to be thinking a little bit about summer. To that end, the 2019 Tanglewood schedule is out.... (more)

Morning Blend

It snowed About five inches in Albany as of Friday morning, according to the National Weather Service. There's another few inches of snow on the... (more)

Stuff to do this weekend

Cold gray autumn weeks can honestly suck sometimes. But weekends are fun. OK, so we're not much for haiku, but you know what we are... (more)

Line crossing

Slightly farther afield in Hudson: A group of people -- including two people in their 70s -- pleaded not guilty this week to painting unauthorized... (more)

Recent Comments

Very nice redesigns. I hope that area becomes more of a neighborhood rather than what it currently is - still an expressway that happens to have hotels and apartments along it. I'd love to see wide sidewalks and protected bike lanes from Crossgates all the way to Manning.

A few pics from AOA10

...has 7 comments, most recently from daleyplanit

Morning Blend for Nov 15

...has 1 comment, most recently from Herbert

Line crossing

...has 1 comment, most recently from ravioliollie

Thank you

...has 5 comments, most recently from TK

Icy, Snowy Apocalypse Watch (updated)

...has 3 comments, most recently from Lu