Billsman
June 13th, 2006, 3:59:36 PM
Study: Buffalo housing worth more
Business First of Buffalo - 2:09 PM EDT Tuesday
Housing prices in Buffalo, Rochester and Syracuse are undervalued, according to a report examining home appreciation throughout the U.S.
At the same time, home prices in three other upstate New York cities -- Albany, Utica, and Binghamton -- are overvalued.
The study of 317 metropolitan areas was undertaken by Global Insight and National City. It is based on quarterly home price appreciation numbers recently released by the Office of Federal Housing Enterprise Oversight.
The report said housing prices in 71 major metropolitan areas, comprising about 39 percent of the country's housing markets, were labeled as extremely overvalued. That is up from 64 percent in the previous quarter. Price appreciation remains strongest in the most overvalued markets.
In Buffalo, where the first-quarter median price slipped to $112,900 from $113,700 in the fourth quarter of 2005, prices were deemed to be undervalued by 5.9 percent. Rochester, with a median price of $114,800, was undervalued by 9.1 percent and Syracuse by 2.2 percent based on a median price of $114,100 in the quarter.
Albany home costs are overvalued by 18.5 percent on a median price of $186,300, Binghamton by 4 percent on prices of $103,200, and Utica by 3.7 percent, based on a median price of $104,600.
The most overvalued market is Naples, Fla., where the median price of a home was $383,000 in the first quarter. The study estimates home prices in that southwest Florida market are 102 percent overvalued. California and Florida accounted for 17 of the top 20 overvalued markets.
Business First of Buffalo - 2:09 PM EDT Tuesday
Housing prices in Buffalo, Rochester and Syracuse are undervalued, according to a report examining home appreciation throughout the U.S.
At the same time, home prices in three other upstate New York cities -- Albany, Utica, and Binghamton -- are overvalued.
The study of 317 metropolitan areas was undertaken by Global Insight and National City. It is based on quarterly home price appreciation numbers recently released by the Office of Federal Housing Enterprise Oversight.
The report said housing prices in 71 major metropolitan areas, comprising about 39 percent of the country's housing markets, were labeled as extremely overvalued. That is up from 64 percent in the previous quarter. Price appreciation remains strongest in the most overvalued markets.
In Buffalo, where the first-quarter median price slipped to $112,900 from $113,700 in the fourth quarter of 2005, prices were deemed to be undervalued by 5.9 percent. Rochester, with a median price of $114,800, was undervalued by 9.1 percent and Syracuse by 2.2 percent based on a median price of $114,100 in the quarter.
Albany home costs are overvalued by 18.5 percent on a median price of $186,300, Binghamton by 4 percent on prices of $103,200, and Utica by 3.7 percent, based on a median price of $104,600.
The most overvalued market is Naples, Fla., where the median price of a home was $383,000 in the first quarter. The study estimates home prices in that southwest Florida market are 102 percent overvalued. California and Florida accounted for 17 of the top 20 overvalued markets.