Fitch Ratings-New York-01 October 2021: National home prices marked the highest annual growth rate of 19.7% in history as of July 2021. Fitch Ratings estimates that national home prices are 11.7% overvalued on a population-weighted average (WA) basis, with the increase in overvaluation estimate driven primarily by rapid home price growth outpacing improving economic fundamentals.
Home prices in 75% of the country’s metropolitan statistical areas (MSAs) are considered overvalued by Fitch. Approximately half of the MSAs are more than 10% overvalued, compared to only 4% pre-pandemic.
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