The valley’s median home price hit its lowest mark in the month of April to conclude its 27 month dive. The median price of a home has now held at a steady price for the last 3 months. That length of time has given some experts the opinion that home prices have finally hit bottom and are now going to enter a period of relative stability.
This by no means indicates that the prices of homes are going to increase anytime soon. Home prices for more expensive homes are likely to decrease even further before they stabilize here in the valley. However, less expensive homes could possibly see gains in value sooner because they are showing that their prices are stabilizing throughout most of the valley.
While many fail to rejoice over this news of stabilization and increasing of value because of the money that was lost. The median selling price has increased every month since March of 2009. This indicates that the value of homes in the valley could continue to increase. At the very least, it is indicating that the median home price has bottomed out and will not go below the prices seen in March of this year.
While these numbers have given analysts reason to predict more positive forecasts, the next couple months might give reason to change those forecasts and show us a slight dip in the numbers. This is because foreclosures have hit an all-time high in July 2009 with a number around 5,300 and that in itself helped lead to a small dip in the median home price in the valley.
The large number of foreclosures could lead to some uncertainty for a time. With the data showing gains then small dips, will make it difficult for analysts to accurately predict what is going to happen next. Most analysts do agree though, that if there is a dip in the median home price, it will be due to a large number of foreclosures in the near future.
Overall, most analysts are optimistic about the long term housing market in the valley. Some estimate a slight fall in the median home price during the next few months, then a period of stability, followed by an increase in the value of homes here in the valley. We will have to wait to find out what happens next.
