That is a slightly higher annual gain than May. Home prices rose 6.7 percent nationally in June compared with June 2016. ![]() "While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge." "With no end to the escalation in sight, affordability is rapidly deteriorating nationally," said Frank Martell, president and CEO of CoreLogic. The rest of the top 10 markets are considered "at value," but none are undervalued, as prices are higher in all of them compared with a year ago. An overvalued market is one in which home prices are at least 10 percent higher than that level. ![]() To determine if a market is overvalued, CoreLogic compares current prices to their long-run, sustainable levels, which are supported by local economic fundamentals like disposable income. Home prices in Denver, Houston, Miami and the Washington, D.C., metropolitan area now exceed sustainable levels. Home price gains are accelerating again, and in some cities those values are overheating.įour of the nation's largest cities are now considered overvalued, according to CoreLogic.
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