The Real Deal Miami

Miami home market was third-most overvalued, report says

March 21, 2010 10:05PM

Miami home prices fell 35.8 percent from the fourth quarter of 2005 to
the fourth quarter of 2009, and its real estate was 49.4 percent
overvalued, according to a new report from IHS Global Insight. Average
home prices in the city fell from $281,300 in 2005 to just $180,500 in
2009. During the same period, home prices in the Fort Lauderdale
metropolitan area fell from an average of $259,400 to $146,600. The
West Palm Beach-Boca Raton metro area fell from $281,700 to $164,600.
The report, entitled “House Prices in America,” says that the national
housing market is now a bit undervalued. [SFBJ]