Lists of overpriced States in Real Estate
While homeowners are naturally happy to see the worth of their residential or commercial property increase, the consistent increase in home costs over the last few years triggers consternation among some economists who fear that houses are misestimated and will ultimately have to come down in cost.
The Home Price Index and Forecast for September 2017, released this month, found that 24 of the leading 50 markets based on housing stock are misestimated.
The Market Conditions Indicators information specifies a misestimated housing market as one in which home rates are at to the least 10 percent higher than the long-term, sustainable level.
Home prices nationally increased 7 percent year-over-year from September 2016 to September 2017. The projections that home prices nationally will rise another 4.7 percent between September 2017 and September 2018.
[High housing costs discourage homeownership among millennials, study says]
Among the marketplaces considers overvalued are Las
– Vegas, where rates increased 9.7 percent year-over-year
– Denver, where prices rose 8.4 percent
– Los Angeles, where rates rose 7.1 percent
– Miami, where rates increased 5.5 percent
– Washington, D.C., where costs increased 4.6 percent
– the New York City and Jersey City region where costs rose 4.5 percent
– Houston, where rates rose 3.3 percent.
Increasing rates don’t necessarily trigger a market to be considered miscalculated. Three markets where prices rose that determines as “at worth” are Boston, where prices increased 7 percent; San Francisco, where prices rose 6.4 percent, and Chicago, where rates increased 4 percent.
This Article was derived from the Corelogic research and the hard work of SLVBRealtors. We proud ourselves to be of service!