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“The rise in home prices is just the city’s way of playing catch-up to its true value,” Batchelor says. “I think this is just a correction for a city that was undervalued.
Indeed, another Redfin report from October says a prospective homebuyer needs to make $114,627 to afford a home in today’s market, which is a 15% year-over-year increase and the highest annual ...
Right now, however, home values remain high, particularly in big metros. As he discussed in his recent YouTube video, there are “record high values, constant increases and the worst ...
The ratings agency expects home prices to increase between 3% and 5% through year-end, despite an uptick in listings. ... The national home price was overvalued by 11.5% in the first quarter ...
The median new home sold for $420,600 in August, scarcely 1 percentage point more than the median existing home’s sale price of $416,700 during the same period. Measured on a 12-month rolling ...
Some of the most overvalued cities (and regions) where home prices could be expected to drop by 5% to 10% over the next 12 months, include: Boise, ID — 73%. Sherman-Denizon, TX — 60%.
He continued: “They’re 20%, 30%, maybe even 40% overvalued in some cases; and now that we’re seeing the inventory levels spike and the number of price cuts on the market spike, that’s the ...
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