Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

More than half of US housing markets were overvalued in April

  • Home prices nationwide jumped 6.9 percent in April from a year ago, according to the latest monthly value report from CoreLogic.
  • While that is slightly less than the 7 percent annual jump in March, it is still making more and more markets unaffordable.
  • Of the nation’s 50 largest housing markets, 52 percent were considered overvalued in April.

Diana Olick

Miami, Florida

Getty Images
Miami, Florida
 

As the sharp gains in home prices continue, more markets are seeing values higher than their local economies can support.

Prices nationwide jumped 6.9 percent in April from a year ago, according to the latest monthly value report from CoreLogic. While that is slightly less than the 7 percent annual jump in March, it is still making more and more markets unaffordable.

Of the nation’s 50 largest housing markets, 52 percent were considered overvalued in April. CoreLogic determines affordability “by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income).” In March, 50 percent of markets were considered overvalued.

A market is considered overvalued when home prices are at least 10 percent higher than the….

FULL STORY AT CNBC

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