Home Prices Are Peaking In A Growing Number Of US Markets
Home prices have peaked in a growing number of overpriced housing markets as sellers and buyers pull back in the face of rising interest rates and affordability challenges. Researchers at Florida Atlantic University and Florida International University analyzed the 100 most overvalued housing markets by looking at their premiums, the percentage above the long-term pricing trend that buyers must pay on a property. The larger the premium, the more overpriced the market. In July, they found that premiums fell in 27 markets. Of those, 22 also saw home prices fall. Most of these markets are west of the Mississippi River. This is a significant increase from June when premiums declined in 12 markets and prices fell in only seven. FAU’s…
