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What's happening in this local housing market? Help coauthor a quick summary here:
Sales trend:
Price trend:
Inventory:
Cambridge-Newton-Framingham, MA has a 53.7% 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.
$391,400 median sales price (Cambridge-Framingham, MA)
3.5% 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
Price decline: 12%
Duration: 2 years (8 quarters)
Period: 1989Q4-1991Q3
Overvaluation prior to price correction: 40%
Valuation peak: 1987Q1
US News & World Report: Housing bubble correction could be severe
Where did prices fall in the last price correction?
The Massachusetts Housing Market