Real estate prices in Montana have plummeted to $1,100 per square foot, a historic low, according to an auction company.
The National Association of Realtors said Montana’s median home price dropped to $940,000 in September from $1.05 million in August.
The median price of a single-family home in Montana was $9,971 in August, the NAR said in a statement.
The NAR expects to see a further drop in home prices in the next six months as the state transitions from a fossil fuel economy to a renewable energy one.
The average home price in Montana dropped 4.7 per cent from the previous year, according the NARS.
The median price for a single family home was $1 million in June.
“We’ve been in a boom, but the economy has also been in recession, and we’ve had a lot of bad weather, but we’ve also had good weather,” Montana State Senator John Boem said.
The Montana state Senate has also passed a bill that will allow the state to ban the sale of existing homes for sale, if the buyer does not pay the mortgage.