The days of skyrocketing housing prices may be coming to an end.
The economic research firm Moody’s Analytics released a report last week stating that the U.S. housing market is “more overvalued than ever,” and that it expects U.S. home sales will “flatline” next year after years of home prices increasing faster than wages.
The firm analyzed home prices in real estate markets across the country, comparing them to a “fundamental value” that is calculated using real estate and income trends for the given area. Markets where actual housing prices exceed the estimated fundamental value of the home by more than 20% are considered to be “extremely overvalued.”
“Overvaluation in Alabama isn’t as high as other parts of the country which should lead to a more modest correction, " deRitis said via email. “Some areas that experienced faster growth such as Huntsville and Gadsden may be more vulnerable to price declines.” But if you think that’s high, don’t look up. Moody’s estimated that the Nashville-Davidson-Murfreesboro-Franklin, Tenn. market is 63.1% overvalued, the second most overvalued major metro area in the nation behind Boise, Idaho
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