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Report: Most markets fairly priced

January 13, 2011 - Though much has been made of the vast price declines that have occurred since the recession, a report says those moving into new homes in many markets are finding fair prices.

There's no doubt prices in many areas around the country are vastly below what they were during the housing boom, but data from Local Market Monitor shows that homes in many markets around the country are priced right about where they should be, reports CNN Money. In fact, just eight markets nationwide are overpriced today while 15 are underpriced, said the report. Comparatively, 37 major markets cost more than they should have in 2006, while six cost too little and 57 were just right.

Families calling up moving companies and heading to Nassau or Suffolk counties in New York are probably paying more than they should, said the report. Homes there are overvalued by 26 percent, while homes in Los Angeles or Portland, Oregon, were each overvalued by 24 percent. Other communities in the New York area and California also made that list.

On the other hand, buyers purchasing homes in Las Vegas, Cleveland, or McAllen, Texas, were finding homes that were undervalued by more than 20 percent, said the report.

The desirability of a location factors into how fairly valued its homes are, said the report. For instance, a recent report from the Mortgage Bankers Association's Research Institute for Housing America showed coastal cities in California have rebounded better in terms of home prices compared to inland communities that might not have as favorable amenities.
 

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