Melbourne Area Blog

A recent study conducted by IHS Global Insight based in Lexington, MA show Brevard County Home prices undervalued by 19.3%. The company considers "fairly valued" to be in the plus or minus 14% range.

IHS analysts consider home prices, interest rates, population density and household incomes among other factors to determine where prices should be for an area.

Existing home sales were once again up, 17% in April, and May looks to be another strong month.

Although prices continued to decline - 29% compared to April 2008 there appears to be a leveling in some areas. The time a home is on the market has decreased, especially those homes that are priced at market value today. Inventory has decreased considerably since the first of the year.

Higher sales numbers and lower inventory indicate a leveling off. The bad news is the jump in interest rates last Friday by a full 1/2% to 5.5%.