A new CoreLogic report says home sale prices increased 7 percent annually in November 2017, the third month in a row at this pace.
Las Vegas and Denver are both considered overvalued housing markets. The November report showed the top metro, Las Vegas, saw an annual price gain of 11 percent, and Denver came in third at 8 percent. According to CNBC, San Francisco ranked second at 9 percent, but is not considered overvalued, as annual incomes in this metro vastly outpace national levels.
In the nation's top 50 markets, half of the housing stock is now considered overvalued, based on market fundamentals, like income and employment. CoreLogic defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level.
