According to Fitch's recent report, home prices in 85% of U.S. metropolitan statistical areas (MSAs) were overvalued as of Q3 2024, a slight decline from 88% in Q2 2024. The most overvalued MSAs include Buffalo, Rochester, and El Paso. The report attributes the decrease in overvaluation to sustainable home prices, a stable price index, and unchanged rental and mortgage rates. The Northeast outperformed with a 6.3% growth, while other regions saw moderate increases. Despite a slight dip in listings, December saw an uptick in new and existing home sales.
Although home sales typically soften during the winter months, December 2024 saw an increase in sales of both new and existing single-family homes.
Fitch estimates that home prices were overvalued in 85% of U.S. metropolitan statistical areas as of Q3 2024, a slight decrease from 88% in Q2 2024.
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