Despite slowing home price growth, about 40 percent of the nation’s top 50 markets were overvalued in March.
This is according to a new report from CoreLogic, which defines an overvalued market as “one in which prices are at least 10 percent higher than the long-term, sustainable level,” CNBC reports. The March levels are an improvement from recent years, when more than half of the nation’s largest markets were overvalued.
On a national level, home prices rose 3.7% annually in March, according to the report, less than the 4% annual increase in February. Part of that is due to an increasing supply of homes for sale, but sellers are also finally coming to terms with reality. They are seeing their homes sit on the market longer because buyers simply can’t afford the recent run-up in prices.
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