Home News Austin 2nd most overvalued housing market in U.S., study finds

Austin 2nd most overvalued housing market in U.S., study finds

by admin
0 comment

New data in research from researchers in Florida Atlantic University And Florida International University I saw the top 100 housing markets In the United States, we found that 15 markets were overvalued by more than 50%, while 4 markets, including Austin, Texas, were overvalued by more than 60%.

The top of the list is Boise, Idaho.. Researchers have looked at pricing history, suggesting that home prices should now average $ 299,202, but typical buyers are paying $ 516,548. This is 72.64% ahead of the region’s long-term price movements. Other reports have found that boise is also overpriced.

Austin, Texas is second, but soon gained status, research found. Buyers are paying 67.70% more than they need to be.

Researchers in two other cities say it is Ogden that buyers pay more than 60% of their premiums. Utah (64.73%) and Las Vegas (61.48%).

Buyers in other markets Texas Fares much better than Austin’s.Dallas people pay 48.35% more and 31.30% more San Antonio.. People in Houston pay 29.41% more.

Below are 15 markets that are overvalued by 50%.

  1. Boise, Idaho (72.64%)
  2. Austin, Texas (67.70%)
  3. Ogden, Utah (64.73%)
  4. Las Vegas, Nevada (61.48%)
  5. Atlanta, Georgia (58.01%)
  6. Phoenix, Arizona (57.94%)
  7. Provo, Utah (57.02%)
  8. Fort Myers, Florida (56.26%)
  9. Spokane, Washington (56.25%)
  10. Salt Lake City, Utah (55.75%)
  11. Charlotte, NC (55.25%)
  12. Lakeland, Florida (53.22%)
  13. Tampa, Florida (52.41%)
  14. Raleigh, North Carolina (51.70%)
  15. Detroit, Michigan (51.16%)

“The lowest mortgage rate ever housingCompetition, especially during pandemics and over housing, has pushed up prices. But now, the Federal Reserve is raising interest rates to curb inflation, which has already cooled demand. ” In a news release..

Related coverage:

According to Johnson, the looming slowdown will be seen by those who are priced. HouseHowever, it can also be a serious concern for others.

“If we haven’t reached the peak of the current housing cycle, we’re terribly close,” he said. “Many recent buyers in these cities may have to endure stagnant or declining home prices until the market settles down, and if they were planning to resell immediately, it would be them. Is not what you want to hear. “

Every month, Johnson and Dr. Eli Bellacha FIUThe Hollo School of Real Estate ranks the most overrated housing markets in the 100 metropolitan areas of the United States by determining the premiums paid by buyers. The higher the premium, the higher the market price. Researcher data dates back to 1996 and covers single-family homes, town homes, condominiums, and co-operatives.

Rankings do not take into account how expensive the market is traditionally. For example, the two high-end housing markets of Newyork and San Francisco are the least overvalued markets in the country, as historical trends suggest that homes in these two metropolitan areas are still sold relatively close together. It is one of.

You may also like