A recent study completed by the economic data research company Global Insight Inc. found some very interesting statistics in regards to San Diego Home Values as well as a few other large metropolitan areas. The chart is below, and as you can see the results show that San Diego home values were found to be 9% undervalued. Other areas that were found to be “undervalued” were Boston, Las Vegas, Denver and Houston. (The undervalued homes are represented by a negative sign in front of the percentage.)The statistics were based off of income levels, current interest rates, population density, as well as market premiums and/or discounts.
First Quarter Home Values Chart by Global Insight Inc.
Median Over- Metro Price Valued Area
(thousands) (%)
N.Y. $468.8 +0.5
L.A. $432.2 +15.2
D.C. $403.8 +24.6
S. Diego $376.6 -9.0
Boston $332.4 -13.1
Miami $271.7 +27.0
Phila. $235.2 +4.1
L. Vegas $232.6 -3.1
Phoenix $224.9 +20.0
Denver $217.9 -6.7
Houston $120.0 -33.1
SOURCE: Global Insight Inc.
1 response so far ↓
1 So Cal Home Guy // Jun 12, 2008 at 10:45 am
Interesting numbers to say the least.I ‘m just a little hesitant to use them as motivation to purchase a home. In particular, the numbers on Vegas seem soft. I looked but couldn’t find statistics on the number of unoccupied homes in Vegas, the point being the equation fails to take into consideration key market drivers such as foreclosures and existing inventory. I’m going ot need a little more pushing…
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