Market overview

What's happening in this local housing market? Help coauthor a quick summary here:

Sales trend:

Price trend:

Inventory:

Housing market forecasts:

PMI U.S. Market Risk Index: Summer 2006

Boston-Quincy, MA has a 58.8% chance of a decline in home prices over the next two years according to PMI Mortgage Insurance Co., one of 13 markets nationwide that "face a 50% or greater risk" of decline.

Current market conditions:

Global Insight / National City Crop. Valuation: 2006/Q1

$360,200 median sales price (Boston-Quincy, MA)

10.7% overvalued

Not among the 71 "Extremely overvalued" housing markets nationwide (but single family homes are selling for below assessed value, as shown in the map above)

Source: Overvalued Housing Market? Depends Where You Live

Most Overvalued, Most Undervalued of the 317 Largest U.S. Metro Areas Examined

Past housing price corrections:

Price decline: 13%

Duration: 3.5 years (14 quarters)

Period: 1989Q1-1993Q1

Overvaluation prior to price correction: 37%

Valuation peak: 1987Q1

US News & World Report: Housing bubble correction could be severe

Where did prices fall in the last price correction?

Local bubble blogs:

Real Estate Cafe

Boston Bubble

The Massachusetts Housing Market

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