The most overvalued markets like Los Angeles, California and Austin, Texas have seen prices fall 2%-6% since the 2022 market surge. Some US markets are still gaining. ...according to National
US Housing Market Minute:
Dated: February 19 2023
The most overvalued markets like Los Angeles, California and Austin, Texas have seen prices fall 2%-6% since the 2022 market surge. Some US markets are still gaining. ...according to National Association of Realtors Chief Economist Lawrence Yun
“Even with a projected reduction in home sales this year, prices are expected to remain stable in the vast majority of the markets due to extremely limited supply,” said Yun.
There are still places where home prices continue to climb at double-digit rates. The top 10 cities with the largest year-over-year price increases all recorded gains of at least 14.5%, with seven of those markets in Florida and the Carolinas, according to NAR.
Farmington, New Mexico, saw the biggest price increase in the fourth quarter, up 20.3% from a year ago. It was followed by Sarasota, Florida, up 19.5%; Naples, Florida, up 17.2%; Greensboro, North Carolina, up 17.0%; Myrtle Beach, South Carolina, up 16.2%; Oshkosh, Wisconsin, up 16.0%; Winston-Salem, North Carolina, up 15.7%; El Paso, Texas, up 15.2%; Punta Gorda, Florida, up 15.2%; and Daytona Beach, Florida, up 14.5%.
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