There may be a lot chatter about “how sluggish the U.S. housing market is,” however customers are nonetheless shopping for and promoting, and that exercise is preserving costs elevated in a whole lot of metro areas, in accordance with a brand new report from Florida Atlantic College (FAU) and Florida Worldwide College (FIU).
Ken H. Johnson, Ph.D., an actual property economist at FAU, mentioned in a joint FAU-FIU launch {that a} U.S. housing correction has began, however the common dwelling worth elevated between September and the tip of October in 64 of the 100 largest housing markets, together with Chicago, Dallas, Memphis, Philadelphia and San Jose, California.
“Restricted provide and powerful demand proceed to slowly push costs up in a lot of the nation,” Eli Beracha, Ph.D., of FIU’s Hollo College of Actual Property, mentioned in ready remarks.
“Nonetheless, there are lots of indicators that we’re nearing the height of the present housing cycle in most metros. We’re simply not there but.”
Many Most-Overvalued Markets in Florida
Florida continues to dominate the record of “overvalued” markets in accordance with FAU-FIU, Cape Coral-Fort Myers is the nation’s most overvalued market, with consumers paying 67.48 % greater than they need to, primarily based in the marketplace’s pricing historical past. 4 different Florida markets are additionally within the high 10, together with Atlanta, Charlotte, Las Vegas, Ogden, Utah; and Boise, Idaho.
Moreover, Costs are falling in 36 metros, together with Boston, Denver, Las Vegas, Phoenix and Pittsburgh.
FAU-FIU utilizing uncooked knowledge from the Zillow Housing Worth Index.
