Idaho Tops List as Most Overvalued Housing Market While Utah Prices Remain High
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Idaho ranked as the most "overvalued" housing market in the U.S., with home prices 41.87% above fundamental value according to Moody's Analytics.
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Idaho saw extreme home price growth since the pandemic began compared to demographic drivers like income and household formation.
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Utah ranked #40 on the overvaluation list, with home prices 26.31% above fundamental value.
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Utah saw declining home prices in recent months as demand faded, but prices remain up significantly from pre-pandemic levels.
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Experts predict Utah will see impact from the national correction but home prices will remain high due to ongoing housing shortage.