Source: Florida Atlantic University —
Home prices appear to have peaked in a growing number of U.S. markets, according to a July analysis by researchers at Florida Atlantic University and Florida International University.
FAU’s Ken H. Johnson, Ph.D., and FIU’s Eli Beracha, Ph.D., rank the 100 most overvalued housing markets by analyzing their premiums – the percentage above the long-term pricing trend that consumers must pay in order to buy a property. The larger the premium, the more overpriced the market.
In July, premiums declined from June in 27 markets, mostly west of the Mississippi River, and 22 of the 27 also experienced price declines. The following were among the metros with falling premiums and average prices: Austin, Texas; Denver; Minneapolis; Los Angeles; Phoenix; Salt Lake City, Utah; San Francisco; and Seattle.
In June, premiums declined in 12 markets and average prices fell in seven.
;
