If we’re a year behind the US, this is interesting…
Not too bad, considering. If that happens in Ireland, I think most people will be relatively happy with that.
So check out the prices of houses in May 2004…if you couldn’t afford them then, you won’t be able to afford them now! Also keep in mind the hordes of people straining at the leash to buy who also have big fat savings accounts - competition will keep prices falling too much further…you may miss the boat for the second time so if you see the place you like, at 2004 prices, buy it!
Calculated Risk has a different take on it:
This is the lowest February used home sales figure since 1998
Used homes sales are down YoY by 23.8% (using NAR figures)
Inventories are at an all time high for a February
February is the second least important month for sales
The spring season starts in March in the US, according to CR, and a couple of months figures (March and April) will give a clearer picture of the state of play.
Rises in Irish house price index (PTSB/ESRI)
May 1998-2001 76.1%
May 2001-2004 33.5%
May 2004-2007 25.2%
Rises in US house price index ofheo.gov
May 1998-2001 20.8%
May 2001-2004 24.6%
May 2004-2007 21.3%
It’s arguable that the Irish bubble is considerably more inflated than the US one was.
It is not arguable, it is certain.
It is also certain that the irish economy is far more construction dependent, and that the irish economy is far more debt driven.
And unlike the US, we have an unhealthy reliance on ‘renting companies’ aka multinationals, and we’re tied into a currency union, which we abused to create much of the boom, so we aren’t going to be able to inflate our way out of it.
and it gets worse …
I know the dollar has dropped but what would you get here for EUR 130k
or even 193k
Arguable - I think its certain - possibly 2X.
Average US housing cost for single family home never exceeded $240000 - or 160000 euro.
what was the average Irish house at the peak - 320000 I think
What are you like crashandburn???
Boston Irish wrote
New House Price-------------------2006Q1-----------------------€390,629
Second-hand House Price---------2006Q1------------------------€472,996
Figures courtesy of the Department of the Environment, Heritage and Local Government
Courtesy CSO.IE house prices
A wonderful site this for house prices, any year, country wide.