Some interesting numbers from a CoreLogic study published April 26, 2017 concerning overheated housing markets:
Denver is up 36.5% from its pre recession peak. Dallas is up 35.5% from its pre recession peak. San Francisco is up 6.6% from its pre recession peak.
Meanwhile, Phoenix is down 27.3% and Las Vegas is down 33.9% from their pre recession peaks.
Let me quote in part from the article:
- Nationally, homes are about 4% overvalued, meaning prices are slightly above the long-term trend line between incomes and mortgage costs.
- Denver is 8% overvalued. The Bay Area is 8.5% overvalued.
- Nationwide, there is a shortage of about 3 million homes.
- Dallas is 10% overvalued but just 2.5% undersupplied.
“Dallas is going to hit the skids sooner than most markets. Jobs are still strong but prices are outpacing even the job market.”
The number of licensed realtors has jumped 25% since 2012, hitting a nine year high in 2016.
Source: Mark Boud, Metrostudy and John Burns, Real Estate Consultant.
