Posts Tagged ‘ home prices ’

Home Prices- Pre-Bubble?

In a recent Wall Street Journal article it was discussed that we are now at pre-bubble prices for housing. (Pre-bubble is considered to be pre 2003.) Nationally there are still pockets that are over valued (Seattle, New York, Portland , Oregon and Charlotte).  Place like Cleveland are so undervalued that their prices are considered to be at the 1991 level! Economists are expecting another 5-10% drop. But that is nationally, and as I have said in a prior post, real estate is local!

So I checked the Intermountain MLS to see if the data agrees with that and here is what I found for the ADA County (Boise, Idaho area):

In 2002 the Median price (sold) was : $140K

In 2003 the Median price (sold) was : $146.9K

In 2004 the Median price (sold) was:  $162,990

In 2010 the Median price (sold) was : $155K

It is possible that if the 2010 price goes down 5% it will be $147,250 which is near the 2003 price. If it goes down 10% it will be $139.5K which is almost the 2002 prices. So far the data I have seen doesn’t suggest a 10% decrease but a 5% decrease is plausible.

Would that be bad news? No! I do not remember anyone complaining in 2003 that homes were too expensive (okay, maybe there were a few). I have stated before that getting back to normal prices for real estate in the Boise, Idaho area will be closer to 2002-early 2003 pricing.  And affordability is always a good thing! 

If you would like to see what current home prices are in the Boise, ID area please go to my website: http://www.BoiseRealEstateChick.com

To see more of the Wall Street Journal article go to:http://online.wsj.com/article/SB10001424052748703313304576132291585938656.html

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