The Most Overpriced Housing Markets Of 2023

Lubbock, TX tops the list with a median home price of $350k, up 46% YoY. In July 2023, 100% of homes sold above asking price.
Sunnyvale, CA comes in second, with a median price of $2.09 million, up 31% YoY. 81% of homes sold above asking in July 2023.
Worcester, MA ranks third, with 76% of homes selling above ask in July 2023. Median price hit $400k for the first time in May 2022.
Inventory has declined YoY in many of these overheated markets like Worcester, exacerbating bidding wars.
Homes are taking much longer to sell than last year, like Lubbock where days on market jumped from 8 to 42 days YoY.

forbes.com

Relevant topic timeline:

8/25/2023

Housing affordability is now worse than before 2006 bubble popped. Where does Utah stand?

The U.S. housing market is currently experiencing a decrease in affordability due to high mortgage rates and stubbornly high prices, with affordability levels lower than during the 2006 housing bubble; however, experts do not predict a crash in the market due to a shortage of homes and a more stable lending environment.

8/29/2023

Home prices rose for the fifth straight month in June

Home prices in the US have continued to rise for the fifth consecutive month, reaching near all-time highs, although high mortgage rates could impact further price gains for the rest of the year. Cities in the Midwest and New England saw the most notable price acceleration, while cities in the West experienced year-over-year price drops. Low inventory remains a challenge, with few homeowners wanting to sell, leading to higher prices and increased competition for available homes. In contrast, the rental market is offering more affordability as rental inventory increases.

9/9/2023

Idaho Leads Western States in Home Price Surge Since 2012 While Utah Ranks 4th, But Recent Cooling Seen Across Region

Idaho has experienced the highest increase in home prices over the past decade, with a growth rate of 78.7%, followed closely by Nevada, Washington, and Utah, according to a ranking by SelfStorage using Zillow data.

9/14/2023

Miami Inflation Soars to 7.8%, Far Outpacing National Rate as Housing and Energy Costs Surge

Miami and South Florida have experienced the highest increase in consumer prices among large U.S. urban areas, driven largely by the housing market, with home rents increasing by 15.3% and the cost of buying a home rising by 14.3%.

9/21/2023

Home Sales Drop 21% as Higher Rates Cool US Housing Market

The United States housing market has seen a 21 percent decline in previously occupied home sales over the past year, continuing the slowdown caused by rising interest rates, while prices continue to rise despite the decrease in sales, leading to a shortage of affordable homes and worsening home affordability for the foreseeable future.

Topics

Posted 9/7/2023, 1:26:38 AM