Home Prices Undervalued

2009 May 31

Study finds Brevard County 19 percent lower than market

Brevard County home prices are lower than they should be, according to a statistical analysis by a forecasting and consulting firm.

At an average price of $129,400 for the fourth quarter of 2008, Space Coast home prices were undervalued by 19.3 percent, according to IHS Global Insight. That’s outside the plus or minus 14 percent range that the Lexington, Mass.-based company considers fairly valued.

Brevard prices fell within the fairly valued range the previous two years, and were overvalued during the housing boom earlier in the decade, the study said.

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